Canadian loyalty scheme Groupe Aeroplan has
bought a stake in AeroMexico’s Club Premier and will invest an
initial sum of $22 million into the frequent flyer program.

Under the terms of the agreement Groupe
Aeroplan will have proportional representation on Club Premier’s
Board of Directors, as well as approval rights in relation to
certain significant business matters. The partnership aims to
build, grow and transform the Club Premier program and its
capabilities into a world class coalition loyalty program.

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“Mexico is a high growth market and one of the
target countries of our global expansion strategy. This investment
not only provides us with a stepping stone into the very important
Latin American market, but it also reinforces our position as a
global leader in loyalty management, allowing us to participate in
the transformation of a frequent flyer program into a standalone,
broad-based coalition loyalty program.” said Rupert Duchesne,
president and CEO, Groupe Aeroplan

Groupe Aeroplan will invest an additional $12
million if certain performance milestones are achieved within 18
months of closing. The transaction between the parties is expected
to close in the third quarter of this year.

“We are thrilled to partner with Groupe
Aeroplan in developing Club Premier into a broad based coalition
program in Mexico,” said Andrés Conesa, chief executive officer of
AeroMexico.

AeroMexico is the domestic airline in Mexico
with more than 600 daily flights to more than 60 destinations
worldwide. The airline has been selected as the ‘Best Airline in
Mexico’ by the readers of Business Traveller magazine for
four consecutive years.

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“This investment, which will be financed with
cash on hand, allows Groupe Aeroplan to participate in the very
early stages of the creation of Club Premier, as a standalone
program,” said David Adams, chief financial officer, Groupe
Aeroplan. “The transaction provides significant opportunities for
growth and we look forward to working with AeroMexico and Club
Premier in pursuing strategies to maximize shareholder value.”