fortune.com

Blackstone agrees $1.8B deal for Air Canada Aeroplan business

Air Canada logoAir Canada
Sig3.45Sen+3.25Env0.00Soc+0.30Gov+1.05
Blackstone Group logoBlackstone Group
Sig4.44Sen+3.22Env0.00Soc+0.32Gov+0.86

Blackstone has struck an $1.8 billion deal for Air Canada’s Aeroplan loyalty business, valuing it at C$10 billion and involving Canadian pension and asset managers. The company made few major concessions to the investor group, and returns for Blackstone and pensions are capped at a 6.5% IRR. Aeroplan has over 10 million members, and Air Canada shares jumped about 6%.

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