AIMIA TO DIVEST ITS STAKE IN PLM LOYALTY PROGRAM All figures in Canadian dollars unless otherwise noted)
- Aimia has entered into a binding letter of intent with Aeromexico to divest its stake in PLM loyalty program for net proceeds, including an earn-out, of up to $517 million (USD $405 million), or $5.58 per common share
- Net cash proceeds of approximately $492 million (USD $386 million) is due on closing, plus an earn-out of approximately $25 million (USD $19 million) on a net basis
- The Transaction will be consummated pursuant to the joint chapter 11 plan of reorganization (as amended, the "Debtor's Plan") of Grupo Aeromexico and its affiliates that are also debtors (collectively, the "Debtors") in the Debtors' chapter 11 bankruptcy cases pending in the United States Bankruptcy Court for the Southern District of New York (the "Bankruptcy Court"), and is subject to approval by Mexican antitrust authorities
TORONTO, Feb. 8, 2022 /CNW Telbec/ - Aimia Inc. (TSX: AIM), is pleased to announce that its wholly-owned subsidiaries Aimia Holdings UK Limited and Aimia Holdings UK II Limited have entered into a binding letter of intent (the "Binding LOI") with PLM Premier, S.A.P.I. de C.V ("PLM"), Grupo Aeromexico, S.A.B. de C.V. and Aerovas de Mxico, S.A. de C.V. (collectively, "Aeromexico") to divest the company's 48.9% equity stake in PLM, the owner and operator of Club Premier, the leading loyalty program in Mexico, and upon which PLM will become a wholly-owned subsidiary of Aeromexico.