(Toronto) Aimia has signed an agreement worth up to $517 million to sell its 48.9% stake in PLM, owner and operator of Mexico’s Club Premier loyalty program.
Posted at 12:10 p.m.
The transaction will see PLM become a wholly owned subsidiary of Aeromexico.
Under the terms of the agreement, Aimia will receive net cash proceeds of $492 million.
The company could also receive up to an additional $25 million if the PLM loyalty program reaches certain targeted annual gross billing amounts by 2024.
Aimia, which once owned Aeroplan before selling it to Air Canada, now has a portfolio of investments in public and private companies including Clear Media, Kognitiv and Trade X.
She also owns the investment advisory firm Mittleman Investment Management.