Aimia and Grupo Aeromexico announce agreement in principle
MONTREAL and MEXICO CITY-- Aimia Inc. and Grupo Aeromexico, S.A.B. de C.V. have reached an agreement in principle in connection with the acquisition by Aimia of an additional 20% equity participation in Premier Loyalty & Marketing, S.A.P.I. de C.V. ("PLM"), owner and operator of Club Premier, a Mexican coalition loyalty program.
PLM's fair value has been established at US$518 million and Aimia will pay US$88 million, which includes a discount agreed to at the time of Aimia's initial investment in PLM in September of 2010. The transaction is subject to customary closing conditions, including the execution of definitive agreements and Mexican regulatory approvals, and is expected to close before the end of 2012.
After closing, Aimia's and Grupo Aeromexico's equity participations in PLM will approximate 49% and 51%, respectively.
"PLM's exceptional performance is the result of a strong partnership at the shareholder level and flawless execution by its very talented management team," said Rupert Duchesne, Group Chief Executive of Aimia. "We are thrilled with PLM's progress over the last two years. This provides clear evidence of the strength and portability of the Aeroplan-derived business model. The success of this partnership confirms our strategic vision in entering this important market and choosing the right partner in Grupo Aeromexico, the undisputed leading Mexican carrier." added Duchesne.
RBC Capital Markets acted as advisor to Aimia in the transaction, while Citibank advised Grupo Aeromexico.
Aimia Inc. is a global provider of loyalty management services. It owns and operates Aeroplan, a Canadian coalition loyalty program and Nectar, the United Kingdom's largest coalition loyalty program. In addition, Aimia has majority equity positions in Air Miles Middle East and Nectar Italia as well as a minority position in Club Premier, Mexico's leading coalition loyalty program and Cardlytics, a US-based private company operating in merchant-funded transaction-driven marketing for electronic banking.
Grupo Aeromexico, S.A.B. de C.V. is a holding company whose subsidiaries are engaged in commercial aviation in Mexico and the promotion of passenger loyalty programs.