Air Canada has collaborated with Visa Canada, Toronto-Dominion Bank (TD), and Canadian Imperial Bank of Commerce (CIBC) to make a proposal to buy Aimia’s Aeroplan loyalty business for a total consideration of $2.25bn.

The four organisations will form a consortium for the deal. The firms are offering cash payment of $250m and are also willing to assume the liability of nearly $2bn worth of Aeroplan points.

The deal, if materialised, is expected to offer continuity for Aeroplan members and value for Aimia stakeholders.

Upon the completion of the acquisition, members under the Aeroplan loyalty programme will be able to transfer their points to Air Canada’s new loyalty programme that is set to launch in 2020.

The deal is subject to regulatory approvals and completion of individual credit card agreements of Air Canada with TD and CIBC.

Aeroplan is a premier travel loyalty programme, which was originally launched by Air Canada in 1984 and spun off in 2005.

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The programme enables members to earn Aeroplan Miles with its 75 partners, which represent over 150 brands across the financial, retail and travel sectors.

Aeroplan includes Fixed Mileage Flight Rewards and Market Fare Flight Rewards intended to provide access to any seat on all Air Canada flights. Members can also gain access to more than 1,000 specialty, merchandise, hotel, car rental and experiential rewards.