TORONTO — The saga over Aeroplan came to a close yesterday, with news that the consortium led by ********** has reached a deal to acquire the loyalty program from Aimia Inc. The deal, worth $450 million cash plus assumed liabilities, comes after more than a year of uncertainty since ********** said in May 2017 that it would switch to its own loyalty program in July 2020.
Here are some significant dates in Aeroplan’s history:
1984: ********** creates the frequent flyers loyalty program Aeroplan
1991: The CIBC Aerogold Visa card is launched
2000: Rupert Duchesne becomes CEO of Aeroplan
2002: Aeroplan operates as a subsidiary of **********
2004: Aeroplan adds non-flight rewards
2005: ********** spins off Aeroplan, which completes a public offering as an income trust
2006: Aeroplan launches program allowing members to donate miles to charities
2007: Aeroplan launches carbon offset program, allowing members to use miles to offset their carbon footprint
2007: Aeroplan says miles will expire after seven years of being collected, effective in January 2014
2008: ********** sells its remaining stake in Aeroplan, which becomes a corporation operating as Groupe Aeroplan
2011: Groupe Aeroplan changes name to Aimia Inc., as its strategy shifts to include loyalty programs operating outside of Canada
2013: TD Bank becomes Aeroplan’s main financial partner after assuming about half of CIBC’s Visa Aeroplan card customers
2013: Aeroplan backtracks and cancels seven-year mileage redemption policy after angry customers launch class-action lawsuit
May 11, 2017: Duchesne leaves the company after four-month medical leave of absence
May 11, 2017: ********** announces that it will not renew its Aeroplan partnership in 2020 as it starts its own rewards program. Aimia shares plunge 63 per cent on the day
April 2018: Aimia announces the resignation of CEO David Johnston
May 2018: Jeremy Rabe appointed Aimia’s president and CEO
July 19, 2018: Aimia announces plans to relaunch the Aeroplan program with charter flights and use of miles for any seats on any *******
July 25, 2018: **********, CIBC, TD Bank and Visa Canada offer to acquire Aeroplan for $2.25 billion, including $250 million cash plus assumed liabilities
July 27, 2018: ********** says it would restart talks with credit card partners to create its own loyalty program if Aimia fails to accept its offer within six days
Aug. 2, 2018: Aimia confirms talks with Oneworld ******* alliance; talks with ********** fail despite higher $325 million offer
Aug. 3, 2018: Aimia announces deal with Porter Airlines to become an Aeroplan preferred Canadian ******* as of July 2020
Aug. 6, 2018: Mittleman Brothers LLC, largest
shareholder in Aimia, issues public statement saying **********’s offers were too low and suggesting Aeroplan was worth about $1.2 billion.
Aug. 7, 2018: Aimia adds Air Transat and Flair Airlines to its list of Canadian ******* partners.
Aug. 21, 2018: Aimia reaches agreement with **********-led consortium, which will pay $450 million in cash for Aeroplan and assume about $1.9 billion in liabilities associated with miles collected by customers.
With file from The Canadian Press
