Canada-based Air Canada, The Toronto-Dominion Bank, Canadian Imperial Bank of Commerce (CIBC) and Visa Canada Corp. have agreed in principle to acquire Aimia Inc. Aeroplan loyalty business for CDN 450m, the company said.
The aggregate purchase price is on a cash-free, debt-free basis and includes the assumption of approximately CDN 1.9bn of Aeroplan Miles liability.
The transaction is expected to deliver significant value to Aimia´s stakeholders and the agreement in principle was approved unanimously by Aimia´s board of directors upon recommendation by its Special Committee of independent directors. Mittleman Brothers, LLC, Aimia´s largest shareholder who owns approximately 17.6% of Aimia´s common shares, has provided a lock-up and support agreement under which it has agreed to vote in favour of the proposed transaction.
Air Canada is Canada´s largest domestic and international airline serving more than 220 airports on six continents.
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group. TD is the sixth largest bank in North America by branches and serves more than 25 m customers in three key businesses operating in a number of locations in financial centres around the globe.
CIBC is a leading Canadian-based global financial institution with 11 m personal banking, business, public sector and institutional clients.
Visa Inc. (NYSE: V) is the world´s leader in digital payments. The company´s global processing network, VisaNet provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. â©â©Aimia Inc.´s (TSX: AIM) data-driven marketing and loyalty analytics helps companies generate, collect and analyze customer data and build actionable insights. â©â©â©â©