Grupo Aeroméxico announced the signing of a binding letter of intent with the Canadian firm Aimia to assume full control of PLM Premier, operator of the Club Premier loyalty program, with which, at the closing of the transaction, PLM will become a wholly-owned subsidiary of the airline.
This transaction is part of Aeroméxico’s restructuring plan, recently approved by the Court of the Southern District of New York, which contemplates the acquisition of the 48.85% stake that Aimia has in PLM Premier, where Aeroméxico already owns 51.14 %. The transaction has previously been estimated at $187.5 million.
The agreement will be subject to certain conditions such as the consummation of the effects of the Restructuring Plan and the approval of the authorities, but the airline expects that the transaction will be closed within six months after the confirmation of the plan, that is, on the 28 last January.
“We want to thank Aimia for their collaboration and close partnership over the last decade. Since 2010, our joint vision has made Club Premier one of the leading airline loyalty programs in Latin America. Aeroméxico customers will benefit from a more relevant and agile program that represents the best option to reward loyalty both on the ground and in the air in Mexico and around the world through all Aeroméxico destinations”, said Andrés Conesa, CEO of Aeroméxico, quoted in a statement.
Phil Mittleman, CEO of Aimia, added: “The substantial cash proceeds from this transaction, combined with our existing cash, investments, and significant capital and operating tax losses, will best position Aimia to continue capitalizing on the best investment opportunities globally and delivering strong returns to our key players.”
To date, Club Premier has five million members, who can earn points when flying with Aeroméxico and 18 other airlines, in addition to accumulating points on purchases with more than 50 merchants.
