Air miles being purchased by bmo BMO Confirms Agreement to Buy LoyaltyOne's AIR MILES Reward Program Business
07:29 AM EST, 03/10/2023 (MT Newswires) -- BMO (BMO.TO) and LoyaltyOne, Co, a subsidiary of Nasdaq-listed Loyalty Ventures Inc. on Friday announced the signing of a purchase agreement for BMO to acquire LoyaltyOne's AIR MILES Reward Program business.
BMO said the acquisition of Air Miles would "enable a reinvigoration" for one of Canada's largest loyalty programs.
"As a leading partner, we have always believed in the value of the AIR MILES program for Canadians and are confident about the continued opportunities to build even greater customer loyalty," said Ernie Johannson, Group Head, North American Personal & Business Banking, BMO. "If our acquisition of the AIR MILES business is successful, we will bring the ownership of AIR MILES home to Canada and strengthen its offering for Canadian consumers and businesses together with leading Canadian, global and online program partners and merchants."
The acquisition has been proposed as part of LoyaltyOne's proceeding under the Companies' Creditors Arrangement Act (Canada) commenced in the Ontario Superior Court of Justice (Commercial List).
BMO's acquisition or a proposed acquisition by any other bidder will be subject to Court approval.