The airline’s new rewards program will launch in 2020. Aimia used most of its gross proceeds from the sale—approximately $497 million—to repay debt. Around half of its 1,500 employees will move to Air Canada as a result of the deal. TD Bank and CIBC paid Air Canada about $822 million—in addition to an undisclosed payment from Visa Canada; they also made prepayments of $400 million to Aeroplan. The banks and Visa agreed to stay with the program until at least 2030; American Express Canada also signed on for continued participation. (Globe and Mail)

Talking point: For Calin Rovinescu, Air Canada’s president and CEO, the reunion confirms that his hardball negotiation with the points program paid off. Prior to the two companies’ initial split in April 2017, Aimia’s market cap was $1.35 billion. The deal marks the end of a tumultuous period for Aimia, whose future was up in the air just last summer. It also means Air Canada will have better access to customer data—Aeroplan currently has about five million members—giving it a chance to compete against Loblaw’s PC Optimum loyalty program, which currently has about 16 million members.