Air Canada has agreed to sell a 25% non-controlling stake in its Aeroplan loyalty programme to an investor group led by Blackstone and La Caisse for $2.5 billion.
The deal values Aeroplan at $10 billion, while Air Canada will retain a 75% stake and continue to control the programme.
“This investment highlights Aeroplan as a differentiated loyalty platform and showcases the exceptional value created since its acquisition. The transaction strengthens Air Canada’s financial position by unlocking value from Aeroplan while retaining full operational control. It provides additional financial flexibility and supports our pursuit of an investment-grade rating, as we execute our long-term strategic plan, for the benefit of our customers, employees and investors”, highlighted John Di Bert, Executive Vice President and Chief Financial Officer at Air Canada
The transaction is expected to close on August 17, 2026. Air Canada plans to use the proceeds primarily to repay its upcoming US$1.2 billion debt maturity, with most of the remaining funds allocated to accelerate planned share repurchases.
The investor group also includes PSP Investments and British Columbia Investment Management Corporation (BCI).
Craig Landry, Executive Vice President and Chief Innovation Officer at Air Canada and President of Aeroplan, said the programme has become one of Canada’s leading loyalty programmes through partnerships across the travel, financial and commercial sectors. He added that the new minority investment from Blackstone, La Caisse and other Canadian institutions will not change Air Canada’s control of Aeroplan, with the airline remaining the majority owner while the programme continues under its existing structure.
The investor group will be entitled to distributions from Aeroplan under an agreed policy. Air Canada will also have the option to repurchase the investors’ stake between the fifth and eighth anniversaries of the transaction, subject to agreed terms.
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Air Canada has also announced plans for a substantial issuer bid of up to $800 million to repurchase its Class A and Class B shares. The offer is expected to be launched after the Aeroplan transaction closes, with completion targeted for September 2026.
The airline will continue to consolidate Aeroplan in its financial statements, with the investors’ 25% stake recorded as a non-controlling interest.
