Deals
Air Canada Unveils Back-to-the-Future Bid for Loyalty Plan
- TD Bank, CIBC, Visa join carrier in bid for Aimia’s program
- Aimia says proposal came after preliminary talk with group
Photographer: Brent Lewin/Bloomberg
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Air Canada is trying to take its frequent-flyer program back to the future.
The airline is teaming up with Visa Inc. and two Canadian banks on a C$250 million ($190 million) cash offer for Aimia Inc.’s Aeroplan rewards program. If accepted -- and Aimia surged the most on record on the news -- the deal would return the loyalty plan to Air Canada, which spun it off in 2005.