Blackstone Inc. and a consortium of Canadian pension funds have agreed to acquire a 25% stake in Air Canada's Aeroplan loyalty program for $1.8 billion. This deal values the Aeroplan business at C$10 billion, a figure that has impressed analysts despite some questioning its structure. Air Canada plans to use the proceeds to address a bond maturity and for stock buybacks, while also facing a revised, dimmer earnings outlook due to rising jet fuel prices. AI
RANK_REASON Significant investment in a major loyalty program by a large investment firm and pension funds. [lever_c_demoted from significant: ic=1 ai=0.0]
- Air Canada
- American Express Co.
- Blackstone Inc.
- British Columbia Investment Management Corp.
- Caisse de Depot et Placement du Quebec
- Canadian Imperial Bank of Commerce
- National Bank of Canada
- Stifel
- Toronto-Dominion Bank
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