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Aimia selling its 48.9 per cent stake in PLM in deal worth up to $517 million

TORONTO — Aimia Inc. has signed a deal worth up to $517 million to sell its 48.9 per cent equity stake in PLM, the owner and operator of Mexican loyalty program Club Premier.

The sale will see PLM become a wholly-owned subsidiary of Aeromexico.

Under the agreement, Aimia will receive $492 million in net cash proceeds.

The company may also receive up to an additional $25 million if the PLM loyalty program achieves certain targeted annual gross billing amounts by 2024.

Aimia, which once owned Aeroplan before selling it to Air Canada now holds a portfolio of investments in public and private companies including Clear Media Ltd., Kognitiv and Trade X.

It also owns investment advisory business Mittleman Investment Management LLC.

News from © Canadian Press Enterprises Inc., 2021