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Air Canada To Acquire Aimia Canada For $450 Mln - Quick Facts

Aimia Inc. (AIM.TO) announced a definitive share purchase agreement with Air Canada for the purchase by Air Canada of all of the issued and outstanding share capital of Aimia Canada Inc., the owner and operator of the Aeroplan loyalty program, for an all-cash purchase price of $450 million on a cash-free, debt-free basis.

Air Canada will, on the closing of the transaction, assume the assets and employees of the business as well as the liabilities and obligations relating to the Aeroplan loyalty program, including $50 million of negative working capital and $1.9 billion of future redemption liabilities related to outstanding Aeroplan miles and an estimated $45 million of retirement and other benefit obligations.

"This transaction delivers significant value to Aimia. Once complete, Aimia will be well-positioned to renew its focus on maximizing the returns from its substantial assets and remaining business lines," said Robert Brown, Chairman of the Board.

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