February 8, 2022 By The Associated Press
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.