Parties
Company
BMO
Company
LoyaltyOne
On June 1, 2023, BMO finalized the purchase of the AIR MILES Reward Program from LoyaltyOne, Co. Initially announced on March 10, the transaction involved acquiring the majority of LoyaltyOne's assets associated with AIR MILES. On acquiring AIR MILES, BMO aims to rejuvenate this iconic Canadian loyalty program. Ernie Johannson of BMO expressed enthusiasm about enhancing offerings for AIR MILES collectors and partners. In upcoming months, AIR MILES will launch various enhancements, including a better travel booking platform, a new receipt scanning feature for bonus miles, and expanded earning and redemption options with top Canadian brands. Shawn Stewart, President of AIR MILES, emphasized the program's bright future, which currently allows members to earn rewards at over 300 brands, including major ones like Shell, Amazon, and Walmart. Financial terms were not disclosed.
Deal Type
Merger & AcquisitionIndustry
OtherTransaction
$ 0Deal Status
ClosedClosing Date
01 June 2023