(Toronto) BMO Financial Group announces Friday a purchase agreement for the acquisition of the loyalty program Air Miles.
The acquisition by BMO was proposed as part of LoyaltyOne’s proceedings under the Companies’ Creditors Arrangement Act (CCAA) commenced in the Ontario Superior Court.
BMO has been an Air Miles partner since 1992. The loyalty program has nearly 10 million active Collector accounts.
Ernie Johannson, head of North American Personal and Business Banking at BMO, says if the institution is successful in acquiring the Air Miles business, it will bring Air Miles ownership back to Canada and strengthen its offering for consumers and businesses in Canada.
Air Miles Collectors earn rewards from over 300 top Canadian brands, internationally and online at thousands of points of sale and services across Canada.
The purchase agreement between LoyaltyOne and BMO for the Air Miles business is subject to court approval and the receipt of required regulatory approvals, among others.