MONTREAL -- Aimia Inc. says the final price for the sale of Aeroplan to Air Canada has increased to $516 million following the finalization of all financial adjustments after the deal's January close.
Air Canada signed a definitive agreement last November to buy the flagship points program from Aimia, a loyalty analytics company, at an initial price of $450 million in cash. It was increased to $497 million after original adjustments.
The airline, which will gain better access to customer data through the deal, also assumed $1.9 billion in liabilities to points holders, partially backed by two banks that offer Aeroplan credit cards.
Aimia says it will receive a final payment of $19 million to complete the transaction. It says the post-closing adjustments stem mainly from favourable working capital relative to the target working capital set out in the agreement.
The Montreal-based company also says the Canada Revenue Agency has told Aeroplan Inc. following an audit for the 2012 and 2013 taxation years that the program owes $11 million, on top of the $24 million already handed over to Ottawa.
Aimia says it plans to file a notice of objection in the coming weeks.