Update on discussions with current partners regarding conditional acquisition of Aeroplan business
MONTREAL, Aug. 2, 2018 /CNW Telbec/ – Aimia Inc. (TSX: AIM), a data-driven marketing and loyalty analytics company, has engaged in constructive discussions with its current partners, Air Canada, The Toronto-Dominion Bank, Canadian Imperial Bank of Commerce as well as VISA Canada Corporation (the "Current Partners’ Consortium") regarding their most recent unsolicited offer to acquire the Aeroplan loyalty program business.
"Aeroplan is committed to protecting our members’ miles," said Jeremy Rabe, Chief Executive Officer, Aimia. "It is business as usual for Aeroplan and we expect all of the companies in the Current Partner Consortium to honour their long standing contractual obligations including issuing and redeeming members’ miles."
The original Current Partner Consortium cash consideration was $250 million, updated to $325 million. Neither reflects the value of the Aeroplan business to members and stakeholders. Aimia has been in active dialogue with our Current Partner Consortium and Aimia’s current proposal removes the highly conditional nature, onerous terms and conditions as well as exclusions from previous offers, which could create near term uncertainty for members. Aimia’s current proposal is $450 million, including revised terms that remove all uncertainty from discussions with the Current Partners Consortium.
Aeroplan remains committed to maintaining differentiation on exceptional value, delivering a more flexible and enhanced experience for the engaged base of five million members, and providing a flexible choice of airlines, including Air Canada.
Aimia intends to provide updates if, and when necessary in accordance with applicable securities laws.
About Aimia
Aimia Inc.’s (TSX: AIM) data-driven marketing and loyalty analytics provides clients with the customer insights they need to make smarter business decisions and build relevant, rewarding and long-term one-to-one relationships, evolving the value exchange to the mutual benefit of both our clients and consumers.
Aimia partners with groups of companies and individual companies to help generate, collect and analyze customer data and build actionable insights.
Our businesses include Aeroplan in Canada and Air Miles Middle East. The provision of loyalty strategy, program development, implementation and management services for other clients are underpinned by leading products and technology platforms such as the Aimia Loyalty Platform – Enterprise and Aimia Loyalty Platform – SaaS, and through our analytics and insights business, including Intelligent Shopper Solutions. In other markets, we own stakes in loyalty programs, such as Club Premier in Mexico and Think Big, a partnership with Air Asia and Tune Group. Our clients are diverse, and we have industry-leading expertise in the fast-moving consumer goods, retail, financial services, and travel and airline industries globally to deliver against their unique needs.
For more information about Aimia, visit www.aimia.com.
SOURCE AIMIA
Contact: Media: Tammy Smitham, 416-985-9740, tammy.smitham@aimia.com; Investor Relations: Karen Keyes, 647-459-3506, karen.keyes@aimia.com