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.
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.
The deal has been proposed as part of LoyaltyOne’s proceeding under the Companies’ Creditors Arrangement Act.
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.