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Air Canada announced on August 11, 2026 a $2.5 billion minority equity investment in its Aeroplan loyalty program by an investor group led by Blackstone Inc. and the Caisse de dépôt et placement du Québec (La Caisse). The group, which also includes PSP Investments and the British Columbia Investment Management Corporation, is acquiring a 25 percent non-controlling equity interest in Aeroplan Inc., valuing the loyalty program at $10 billion. Air Canada retains a 75 percent ownership interest and full operational control over Aeroplan's strategy, day-to-day management and financial consolidation. Proceeds are earmarked primarily to repay an upcoming US$1.2 billion (approximately $1.7 billion) bond maturity, with the remainder supporting a substantial issuer bid of up to $800 million. Air Canada holds a call option to repurchase the investor group's stake between the fifth and eighth anniversaries of settlement, at a formula-based price providing investors a 6.5 percent internal rate of return net of distributions. Settlement of the investment was planned for August 17, 2026. BofA Securities, Stikeman Elliott LLP, and Deloitte LLP advised Air Canada and Aeroplan; Scotiabank, Kirkland & Ellis LLP, and Blake, Cassels & Graydon LLP advised Blackstone.
Parties
Company
Air Canada
Company
Aeroplan Inc.
Company
Blackstone Inc.
Company
Caisse de dépôt et placement du Québec (La Caisse)
Company
PSP Investments (Public Sector Pension Investment Board)
Company
British Columbia Investment Management Corporation (BCI)
Deal Type
Financing/InvestmentIndustry
TransportationTransaction
$ 2,500,000,000Deal Status
ClosedClosing Date
17 August 2026