Air Canada has agreed to sell a 25% non-controlling stake in its Aeroplan loyalty programme to funds managed by Blackstone and La Caisse, alongside PSP Investments and BCI, for C$2.5 billion. The deal values Aeroplan at C$10 billion and leaves Air Canada with 75% ownership and full operational control of the programme.
The Montreal-based airline will use the proceeds to help repay a US$1.2 billion bond maturity due soon and to accelerate share repurchases, including a proposed buyback of up to US$800 million. Settlement is planned for 17 August, with no changes expected for Aeroplan members, partners or employees.
Air Canada repurchased Aeroplan in 2019 and has now moved to monetise part of the business while retaining control. The transaction underlines how airline loyalty schemes have become increasingly valuable standalone assets, especially when compared with the airline’s own market value in recent trading commentary.