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).