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Air Canada, TD, CIBC, Visa offer to buy Aeroplan

Air Canada, the Toronto-Dominion Bank, the Canadian Imperial Bank of Commerce and Visa Canada have submitted a joint proposal to acquire loyalty program Aeroplan from Aimia of Montreal. The acquisition would be on behalf of a corporation to be formed later and would consist of $250 million in cash, plus the assumption of responsibility for approximately $2 billion worth of outstanding Aeroplan points. Aeroplan members would be transitioned into a new Air Canada loyalty program that will launch in 2020. The proposal will expire Aug. 2.

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