Air Canada acquisition of Aeroplan receives regulatory approval

Air Canada's acquisition of the Aeroplan loyalty program has received all required federal regulatory approvals ahead of a shareholders' vote on a C$450m agreement reached by the airline in November. Shareholders of current Aeroplan owner Aimia Inc. are scheduled to vote on the cash deal Jan 8. Under their agreement, Air Canada will buy the Aeroplan business from Aimia for cash and also assume $1.9b of liabilities to points holders — partially backed by 2 banks that offer Aeroplan credit cards. Toronto-Dominion Bank and the Canadian Imperial Bank of Commerce will pay Air Canada about $1.2b in total. The banks and Visa have agreed to stay with the loyalty program until at least 2030. Aimia and the airline said Monday they've received required clearances under the Competition Act and Canada Transportation Act. <br/>