What happened
Air Canada announced on August 11, 2026 that Blackstone and La Caisse are leading a $2.5 billion purchase of a 25% non-controlling stake in Aeroplan. The price values the program at $10 billion. Air Canada will retain a 75% stake and says it will still control operations and strategy. Settlement is planned for August 17, 2026.
The airline says members will see no changes. Proceeds will mainly repay an upcoming US$1.2 billion bond and accelerate share repurchases of up to $800 million. Buyers get a call option between years 5 and 8 offering a 6.5% minimum internal rate of return, less distributions.
Aeroplan was previously spun off and later bought back after Air Canada said it would not renew the contract. Commentators say private-equity owners typically push for higher margins that members ultimately fund.
Nothing to do now, but watch Aeroplan earning and award charts after the ownership change.
- Announced
- Aug 11, 2026
- Numbers
- 25%: non-controlling equity stake sold in Aeroplan
- $2.5 billion: minority equity investment in Aeroplan
- $10 billion: implied valuation of Aeroplan
- 75%: ownership Air Canada will retain
- US$1.2 billion: upcoming bond maturity to be repaid with proceeds
- $800 million: planned substantial issuer bid for share repurchases
- 6.5%: minimum internal rate of return for buyers on Air Canada’s call option
- Takeaway
- No action is required; members can note the ownership change and watch for any later earning or award shifts.