Aeroméxico to reclaim loyalty scheme for $408mn

Grupo Aeroméxico will pay up to CAD517 million Canadian dollars (USD408 million) to Montreal-based investment firm Aimia to reclaim its 48.9% stake in PLM Premier, which owns the Mexican holding’s Club Premier loyalty scheme, the two parties revealed in separate statements on February 8.

The Aeroméxico (AM, México City Int’l) parent and Aimia entered into a binding letter of intent for the stake to change hands, a move which, if approved by the Mexican antitrust authorities, would result in PLM becoming a wholly-owned Grupo Aeroméxico subsidiary. The frequent flyer programme currently has around 6.7 million members.

Entry into the LOI was part of the airline’s restructuring plan that the US Bankruptcy Court in New York confirmed on January 28 for its exit from Chapter 11, Grupo Aeroméxico said. The transaction is expected to close within six months of the bankruptcy court’s order confirming the plan, entered on February 4.

Grupo Aeromexico span off Club Premier into PLM Premier in September 2010, with Aimia initially acquiring a 29% stake in the firm and then a further 20% in October 2012.

Grupo Aeroméxico CEO Andres Conesa Labastida called the full return of Club Premier a “milestone in the Aeroméxico restructuring process [which] marks a major step forward as we continue our complete transformation of the Aeroméxico customer experience.”

Air Canada (AC, Montréal Trudeau) bought back its own loyalty programme, Aeroplan, from Aimia in January 2019 in a CAD497 million (USD376 million at the time) transaction. Both the Mexican and Canadian carriers launched bids to reclaim the stakes back in mid-2018. Aimia continues to own 20% of AirAsia Group’s Think Big programme.