Canadian investment holding company Aimia Inc. (TSX: AIM) has announced that the Quebec Superior Court (Civil Division) in the District of Montreal has issued a decision in favour of Aimia, dismissing the application for injunctive relief filed by Air Canada and Aeroplan Inc., the company said.
The application related to the proposed combination of Aimia´s Loyalty Solutions business, which includes Intelligent Shopper Solutions (ISS) and the Air Miles Middle East program, with a subsidiary of Kognitiv Corporation, an innovator in loyalty peer-to-peer trading and collaborative commerce, which was announced on April 29, 2020. The application alleged that the transaction would breach certain non-competition and confidentiality provisions entered into by Aimia in connection with the sale of Aeroplan in November 2018.
Having received the favourable decision from court, Aimia and Kognitiv closed the transaction. With the closing of the transaction with Kognitiv now complete, Aimia is now a minority shareholder in a new business that´s expected to accelerate the combined entity´s potential growth and path to profitability.
Aimia Inc. (TSX: AIM) is focused on long-term investments in public and private companies, on a global basis, through controlling or minority stakes.
The company owns a 49% equity stake in Kognitiv, a 48.9% equity stake in PLM Premier, S.A.P.I. de C.V (PLM), owner and operator of Club Premier, the leading coalition program in Mexico, which it jointly controls with Aeromexico through its investment in PLM, and an investment alongside Air Asia in travel technology company BIGLIFE, the operator of BIG Loyalty, as well as a minority stake in Clear Media Limited.