Aimia to purchase remaining stake in Nectar Italia
MONTREAL, March 19, 2013 /CNW Telbec/ - Aimia today announced that it will take full control of the Nectar Italia coalition loyalty program, acquiring the remaining 25 per cent stake currently held by Banque Accord S.A.
The purchase price consideration of approximately €7 million ($9 million) will be paid on completion. An additional contingent consideration, for an amount to be determined, may be paid within the next two years, based on the performance of the program.
Over the three years since its launch in March 2010, Nectar Italia has signed up over 9.5 million members. Anchored by long term contracts with retailers Auchan, Simply Sma and a Nectar Italia co-branded financial cards offering, the program has 14 sponsor partners today.
Rupert Duchesne, Group CEO, said: "Our ability to deliver significant numbers of new members despite the deterioration in the Italian economy over the last three years is testament to the value members can derive from participating in coalition loyalty programs. We continue to make investments based on the value that we believe they can bring over the longer term for shareholders."
The transaction is expected to close within the next 60 days.
Aimia Inc. ("Aimia") is a global leader in loyalty management. Employing more than 4,000 people in over 20 countries worldwide, Aimia offers clients, partners and members proven expertise in launching and managing coalition loyalty programs, delivering proprietary loyalty services, creating value through loyalty analytics and driving innovation in the emerging digital, mobile and social communications spaces.
Aimia owns and operates Aeroplan, Canada's premier coalition loyalty program and Nectar, the United Kingdom's largest coalition loyalty program. In addition, Aimia owns stakes in Air Miles Middle East, Nectar Italia, Mexico's leading coalition loyalty program Club Premier, Brazil's Prismah Fidelidade, and i2c, a joint venture with Sainsbury's offering insight and data analytics services in the UK to retailers and suppliers. Aimia also holds a minority position in Cardlytics, a US-based private company operating in transaction-driven marketing for electronic banking. Aimia is listed on the Toronto Stock Exchange (TSX: AIM). For more information, visit us at www.aimia.com
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CO: AIMIA ST: Quebec NI: ADV LEI MNA
-0- Mar/19/2013 23:01 GMT