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Jun 3, 2019

Aeroplan sale price to Air Canada rises to $516M after post-closing adjustments

Aeroplan

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MONTREAL -- Aimia Inc. (AIM.TO) says the final price for the sale of Aeroplan to Air Canada (AC.TO) has increased to $516 million following the finalization of all financial adjustments after the deal's January close.

Air Canada signed a definitive agreement last November to buy the flagship points program from Aimia, a loyalty analytics company, at an initial price of $450 million in cash. It was increased to $497 million after original adjustments.

The airline, which will gain better access to customer data through the deal, also assumed $1.9 billion in liabilities to points holders, partially backed by two banks that offer Aeroplan credit cards.

Aimia says it will make a final payment of $19 million to complete the transaction. It says the post-closing adjustments stem mainly from favourable working capital relative to the target working capital set out in the agreement.

The Montreal-based company also says the Canada Revenue Agency has told Aeroplan Inc. following an audit for the 2012 and 2013 taxation years that the program owes $11 million, on top of the $24 million already handed over to Ottawa.

Aimia says it plans to file a notice of objection in the coming weeks.