Air Canada consortium to buy Aeroplan from Aimia

WATCH ABOVE: Air Canada is leading a hostile takeover of Aeroplan.

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.

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