Blackstone and La Caille are leading a roughly $1.8bn (C$2.5bn) investment for a 25% stake in Aeroplan, Air Canada's loyalty programme, in a deal valuing the business at about $7.2bn (C$10bn). Together they take a non-controlling 25% interest while Air Canada retains 75% ownership, maintains full operational control, and will consolidate Aeroplan on its balance sheet. Settlement is planned for 17 August.

Mark Rutledge, senior managing director at Blackstone, praised the transaction as another example of their ability to provide flexible capital solutions to leading businesses worldwide. Martin Longchamps, head of private equity and private credit at La Caille, highlighted the attractive diversification opportunity for the fund's global portfolio.