Blackstone and La Caisse are leading a $2.5 billion minority equity investment in Aeroplan, acquiring a 25% non-controlling stake that values the loyalty program at $10 billion. The investor group also includes PSP Investments and British Columbia Investment Management Corporation. Air Canada will retain full operational control and a 75% ownership interest in Aeroplan, with no changes for members, partners, or employees.\n\nProceeds from the investment will be used toward repaying Air Canada's upcoming US$1.2 billion bond maturity and to accelerate share repurchases, including a substantial issuer bid for up to $800 million in shares.

The transaction strengthens Air Canada's balance sheet and supports its pursuit of an investment grade rating.\n\n“This investment highlights Aeroplan as a differentiated loyalty platform and showcases the exceptional value created since its acquisition,” said John Di Bert, Executive Vice President and CFO of Air Canada. Mark Rutledge of Blackstone noted the firm’s long-term commitment to Canada, while Martin Longchamps of La Caisse highlighted the tailored capital solution. Settlement is planned for August 17, 2026.