Visa Canada Corporation, the Toronto-Dominion Bank and the Canadian Imperial Bank of Commerce provided financial support to Air Canada in connection with its acquisition of Aimia Canada Inc. and its Aeroplan Loyalty business at an amended purchase price of $497 million plus the assumption of $1.9 billion of liabilities

March 11, 2019

Visa Canada Corporation (“Visa Canada”) provided financial support to Air Canada (TSX: AC) together with The Toronto-Dominion Bank (“TD”) (TSX: TD) and Canadian Imperial Bank of Commerce (“CIBC”) (TSX: CM) in connection with Air Canada’s acquisition of Aimia Canada Inc. (“Aimia”) (TSX: AIM), owner and operator of the Aeroplan loyalty business. Air Canada completed the acquisition on January 10, 2019 for a purchase price of $497 million, a 10% increase from the previously agreed upon sum of $450 million, which includes the assumption of approximately $1.9 billion of Aeroplan Miles liability.  Visa Canada also entered long-term agreements with TD and CIBC to continue as network partner for credit cards issued under Air Canada’s new loyalty program.

Miller Thomson advised Visa Canada with respect to this acquisition with a team consisting of Jay Hoffman, Jeffrey Roode, Phil Long, Eric Kleine and Victoria de Luna (Corporate, M&A and Securities), Eric Dufour (Competition), Ron Choudhury and Andrew Etcovitch (Corporate Tax) and John Chapman (Litigation).