BMO to Acquire Air Miles for $160 Million USD, No Effect on Customers
BMO Financial Group has agreed to purchase Air Miles loyalty program for $160 million USD ($218 million CAD). The loyalty program’s customers will be unaffected by this change and can continue using their Air Miles. The news comes just days after LoyaltyVentures, the parent company of Air Miles, announced that it had entered bankruptcy protection.
Air Miles loyalty program’s US parent company, LoyaltyVentures, recently announced that it had entered bankruptcy protection. BMO Financial Group has been a partner of Air Miles since 1992 and had become its largest single partner. Now, the financial group has agreed to purchase the loyalty program from its Canadian owner, LoyaltyOne Co., for $160 million USD ($218 million CAD).
Through a press release, the President of Air Miles Reward Program, Shawn Stewart, said, “As Air Miles’ longstanding partner, BMO’s acquisition would be a significant step forward in solidifying the future of the Air Miles program.” The program has also assured its over 10 million customers that there will be no change in the program for them. He added, “BMO’s agreement to purchase the Air Miles business has no impact on Air Miles collectors’ Reward Miles balances or on collectors’ ability to collect and redeem Air Miles Reward Miles.”