Aimia selling its 48.9 per cent stake in PLM in deal worth up to $517 million

TORONTO – Aimia Inc. has signed a deal worth up to $517 million to sell its 48.9 per cent equity stake in PLM, the owner and operator of Mexican loyalty program Club Premier.

The sale will see PLM become a wholly-owned subsidiary of Aeromexico.

Under the agreement, Aimia will receive $492 million in net cash proceeds.

The company may also receive up to an additional $25 million if the PLM loyalty program achieves certain targeted annual gross billing amounts by 2024.

Aimia, which once owned Aeroplan before selling it to Air Canada, now holds a portfolio of investments in public and private companies including Clear Media Ltd., Kognitiv and Trade X.

It also owns investment advisory business Mittleman Investment Management LLC.

This report by The Canadian Press was first published Feb. 8, 2022.

Companies in this story: (TSX:AIM)