August 21, 2018 / 11:57 AM / a year ago

Aimia accepts sweetened Air Canada bid for loyalty program

Aug 21 (Reuters) - Air Canada and its partners said on Tuesday that data analytics firm Aimia Inc had accepted an offer of C$450 million ($344.70 million) in cash for the sale of its Aeroplan loyalty program.

The sale will also include the assumption of about $1.9 billion worth of Aeroplan’s frequent flier points.

Earlier this month, Aimia’s largest shareholder Mittleman Brothers said Air Canada and its group’s previous offer of C$325 million for the loyalty program was cheap. Aimia had suggested C$450 million as a fair price.

$1 = 1.3055 Canadian dollars Reporting by Karan Nagarkatti in Bengaluru; Editing by Arun Koyyur

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