On November 26, 2018, Air Canada with the financial support of its partners, The Toronto-Dominion Bank, Canadian Imperial Bank of Commerce, and Visa Canada Corporation entered into a definitive share purchase agreement for the acquisition of Aimia Canada Inc., owner and operator of the Aeroplan loyalty business. TD Bank will be the primary credit issuer for the co-branded credit cards under Air Canada’s new loyalty program.
The aggregate purchase price consists of $450 million in cash and includes the assumption of approximately $1.9 billion of Aeroplan Miles liability. The transaction closed in January 2019.
Air Canada is Canada’s largest domestic and international airline serving more than 200 airports on six continents.
Osler, Hoskin & Harcourt LLP acted for TD Bank with a team consisting of Jeremy Fraiberg, Rosalind Hunter, Jeremy Wu (Corporate), Michelle Lally, Kaeleigh Kuzma (Competition), Adam Kardash (Privacy), Amanda Heale and Alan Kenigsberg (Tax).
Key Contact
Partner, Corporate, Toronto
Team
Partner, Corporate, Toronto
Associate, Corporate, Toronto
Partner, Competition/Antitrust and Foreign Investment, Toronto
Partner, Competition/Antitrust and Foreign Investment, Calgary
Partner, Privacy and Data Management, Toronto
Partner, Tax, Toronto
Partner, Tax, Toronto
