Air Canada consortium to buy Aeroplan from Aimia

Click to play video 'Air Canada teams up with banks to buy back Aeroplan' Air Canada teams up with banks to buy back Aeroplan
WATCH ABOVE: Air Canada is leading a hostile takeover of Aeroplan. – Jul 25, 2018

A consortium including Air Canada, TD Bank, CIBC and Visa Canada Corp. have reached a deal to acquire the Aeroplan loyalty program from Aimia Inc.

READ MORE: Use points or keep saving? What Canadians should know about the Aeroplan-Porter deal

The group has agreed to pay $450 million in cash and assume approximately $1.9 billion of Aeroplan miles liability.

More coming.