BMO Inks Deal To Buy LoyaltyOne's AIR MILES Reward Program Business
(RTTNews) - BMO Financial (BMO, BMO.TO) and LoyaltyOne, Co., a subsidiary of Loyalty Ventures Inc. (LYLT) announced Friday the signing of a purchase agreement for BMO to acquire LoyaltyOne's AIR MILES Reward Program (AIR MILES) business.
For BMO customers and all AIR MILES collecting Canadians, as well as merchants and partners across the country, BMO's acquisition of AIR MILES would be a made-in-Canada opportunity to enable a reinvigoration for one of Canada's largest loyalty programs.
BMO's acquisition of the AIR MILES business is subject to court approval, the receipt of required regulatory approvals and other customary conditions.
As a founding partner of the AIR MILES program since 1992, BMO is well positioned to strengthen and grow Canada's most recognized loyalty program.
BMO's acquisition of the AIR MILES Reward Program business has been proposed as part of LoyaltyOne's proceeding under the Companies' Creditors Arrangement Act (Canada) (the CCAA) commenced in the Ontario Superior Court of Justice (Commercial List) (the Court).
LoyaltyOne's CCAA proceeding will also involve a sale and investment solicitation process to solicit any other interest in the AIR MILES business. BMO's acquisition or a proposed acquisition by any other bidder will be subject to Court approval.
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