TD Bank

TD Bank in connection with Air Canada’s acquisition of Aimia Canada


TD Bank


$450M cash and $1.9B of Aeroplan Miles liability


Mergers and Acquisitions

Date Closed

January 2019

Lead Office




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).

Jeremy  Fraiberg

Jeremy Fraiberg

Partner, Corporate

Rosalind  Hunter

Rosalind Hunter

Partner, Corporate

Jeremy Wu

Jeremy Wu

Associate, Corporate

Michelle Lally - Competition/Antitrust Lawyer

Michelle Lally

Partner, Competition/Antitrust & Foreign Investment

Kaeleigh Kuzma

Kaeleigh Kuzma

Partner, Competition/Antitrust & Foreign Investment

Adam Kardash - Privacy Lawyer

Adam Kardash

Partner, Privacy and Data Management
National Lead, AccessPrivacy

 Alan Kenigsberg - Cross-border tax lawyer

Alan Kenigsberg

Partner, Taxation