MONTREAL — Air Canada is reportedly close to a deal that would see a minority stake of its Aeroplan program sold to U.S.-based Blackstone Inc.

It’s the latest development for the popular loyalty program, with more than 10 million active members worldwide.

In 2018 Air Canada took back control of the valuable Aeroplan loyalty business that it created in 1984 and spun off in 2002.

This latest move would see Blackstone invest some US$2 billion in the minority stake, according to Bloomberg and others. Air Canada, reportedly eyeing fleet investment, is set to announce its Q2 2026 results on Aug. 12.