Wow…PLM closed today ..$6.13 per share in cash
Aimia closes PLM transaction
2022-07-15 15:14 ET - News Release
Mr. Phil Mittleman reports
AIMIA CONFIRMS CLOSING OF PLM TRANSACTION
Aimia Inc. has confirmed the closing of the PLM transaction.
Aimia Holdings U.K. Ltd. and Aimia Holdings U.K. II Ltd. have received $537-million in net cash proceeds, subject to certain postclosing adjustments. In addition, an earnout in an amount of approximately $27-million on a net basis is payable to Aimia Holdings U.K. and Aimia Holdings U.K. II in cash should the PLM loyalty program achieve certain targeted annual gross billings amounts by 2024.
Phil Mittleman, chief executive officer of Aimia, said: "Today is an important day for Aimia stakeholders. Having weathered a pandemic, Aeromexico's bankruptcy and the recent dislocations in world markets, Aimia is extremely well positioned to deploy these substantial cash proceeds towards the acquisition of established businesses with long track records of growth and free cash flow generation. As we carry out these acquisitions, we intend to utilize over $700-million in capital and operating losses we have available to enhance our after-tax returns. In addition, we will continue to opportunistically utilize our NCIB [normal course issuer bid] to repurchase our common shares."
Mr. Mittleman added: "I would like to thank Aeromexico and the PLM team for our long and successful partnership, their careful management of PLM and the airline through the most difficult period in aviation history, and their tireless efforts to structure and execute this transaction. We wish Aeromexico tremendous success moving forward with Club Premier as a wholly owned loyalty program."
The terms of the transaction are in U.S. dollars. The Canadian dollar amounts ($564-million, or $6.13 per common share) have been translated at a U.S.-dollar/Canadian-dollar exchange rate of 1.309 as of July 15, 2022. Approximate consideration per common share is calculated on the basis of 91,944,936 common shares outstanding as of July 15, 2022.
About Aimia Inc.