Air Canada, TD, CIBC, Visa, Aimia Agree On Purchase Of Aeroplan Loyalty Business

(RTTNews) - Air Canada, The Toronto-Dominion Bank, Canadian Imperial Bank of Commerce, Visa Canada Corporation and Aimia Inc. announced an agreement in principle for the acquisition of Aimia's Aeroplan loyalty business. The aggregate purchase price consists of $450 million in cash and is on a cash-free, debt-free basis and includes the assumption of approximately $1.9 billion of Aeroplan Miles liability.

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.