Air Canada wants to buy back the Aeroplan program, which is spun off into a separate company. The program is owned by Aimia, which also owns 49% of Aeromexico’s frequent flyer program. Either Aimia sells Aeroplan back, or Air Canada starts its own new program in July 2020.
Air Canada and its bank partners in the deal had offered $250 million plus assumption of the program’s liabilities. They had raised their offer to $325 million. Aimia was willing to sell, but they wanted $450 million.