Air Canada has agreed to sell a 25% minority stake in its Aeroplan loyalty programme to a group led by Blackstone and La Caisse, with PSP Investments and British Columbia Investment Management Corporation also joining the transaction. The C$2.5 billion deal values Aeroplan at C$10 billion and leaves Air Canada with 75% ownership and full operational control of the programme.
The transaction is expected to close on 17 August 2026. Air Canada plans to use the proceeds to repay an upcoming US$1.2 billion bond maturity and to accelerate share repurchases, including a substantial issuer bid of up to C$800 million. The airline also intends to fund the buyback with deal proceeds, though the final terms will be set after settlement.
The move strengthens Air Canada’s balance sheet while preserving control over one of its most important consumer assets. Aeroplan is a key source of customer engagement and ancillary revenue, and the minority investment provides new capital without a change in operating control.