Air Canada is selling a 25% stake in its loyalty program Aeroplan for $1.7 billion (C$2.5 billion) to an investor group led by Blackstone and La Caisse.
On August 11, 2026, Air Canada said that the group will acquire a 25% non-controlling interest in Aeroplan, valuing the program at $7.17 billion (C$10 billion).
Proceeds from the sale will be used to repay $1.2 billion of Air Canada bonds maturing soon.
Air Canada said that this will strengthen its balance sheet by “reducing gross debt without a corresponding reduction in cash and cash equivalents”.
The Blackstone and La Caisse led group also includes PSP Investments and British Columbia Investment Management Corporation (BCI).
Under the agreement, Air Canada retains 75% of Aeroplan and most significantly full control of operations.
“Aeroplan remains a central component of Air Canada’s business strategy and customer value proposition, and the transaction will have no impact on the experience of members, partners, and employees.,” Air Canada said.
John Di Bert, Executive Vice President and CFO of Air Canada, said that the deal highlights Aeroplan as a “distinctive loyalty platform and underscores the exceptional value created since its acquisition”.
“The transaction provides us with greater financial flexibility and supports our objective of achieving an investment-grade rating as we implement our long-term strategic plan for the benefit of our customers, employees, and investors,” Di Bert added.
Craig Landry, Air Canada’s Executive Vice President and Chief Innovation Officer, and President of Aeroplan, said the airline is “committed to remaining the majority owner of Aeroplan”.
Mark Rutledge, Senior Managing Director, Blackstone, commented that his company has “long believed that Canada is an attractive country for investment”.
“This transaction builds on our decades-long commitment to the country and further demonstrates our ability to deliver flexible and effective capital-based solutions to leading companies around the world,” Rutledge added.
Settlement of the investment is expected to occur on August 17, 2026.