BMO Financial Group has signed a deal to acquire the Air Miles loyalty rewards program from LoyaltyOne Co.
Financial terms of the agreement were not immediately available.
![Click to play video: 'BMO Financial set to take over Air Miles loyalty program'](https://i0.wp.com/media.globalnews.ca/videostatic/news/cgkpiditoe-7ekjovef0w/web_AIRMILESBANKRUPTCY__COBB_.jpg?w=1040&quality=70&strip=all)
Air Miles president Shawn Stewart says the deal will have no impact on collectors’ reward miles balances or on their ability to collect and redeem miles.
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The deal has been proposed as part of LoyaltyOne’s proceeding under the Companies’ Creditors Arrangement Act.
![Click to play video: 'Consumer Matters: New research reveals loyalty programs important for consumers and retailers'](https://i2.wp.com/media.globalnews.ca/videostatic/news/8y6frksxfq-02r67jm5wv/DREWA_WEB.png?w=1040&quality=70&strip=all)
The process will include a sale and investment solicitation process to seek any other interest in the Air Miles business and will require court approval.
Air Miles has nearly 10 million active collector accounts.
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