MONTREAL — Air Canada has announced that funds managed by Blackstone and La Caisse, together with other leading Canadian institutions, are making a $2.5 billion minority equity investment in Aeroplan Inc.
In exchange the investor group acquires a 25% non-controlling equity interest in Aeroplan, valuing the program at $10 billion.
The news confirms the rumours swirling earlier today.
Air Canada will maintain full operational control of Aeroplan and a controlling ownership interest after the minority investment.
The airline says Aeroplan remains a core part of Air Canada’s commercial strategy and customer value proposition, and the experience of members, partners and employees will be unaffected by the transaction.
Air Canada adds that proceeds from the investment will strengthen Air Canada’s balance sheet, going towards the repayment of Air Canada’s upcoming US$1.2 billion (Cdn$1.7 billion) bond maturity.
The investor group led by Blackstone and La Caisse also includes PSP Investments and British Columbia Investment Management Corporation (BCI).
“This investment highlights Aeroplan as a differentiated loyalty platform and showcases the exceptional value created since its acquisition. The transaction strengthens Air Canada’s financial position by unlocking value from Aeroplan while retaining full operational control. It provides additional financial flexibility, and supports our pursuit of an investment grade rating, as we execute our long-term strategic plan, for the benefit of our customers, employees and investors,” said Air Canada’s EVP and Chief Financial Officer, John Di Bert.
Craig Landry, EVP & Chief Innovation Officer at Air Canada, and President of Aeroplan, added that “Air Canada has established Aeroplan as one of Canada’s leading loyalty programs, with strategic partnerships across travel, financial, and commercial sectors. We are pleased to welcome Blackstone, La Caisse and other leading Canadian institutions as minority investors in Aeroplan as we continue to strengthen and expand Aeroplan’s global appeal.”
Landry underscored that the new partnership sees Air Canada retain full control of the program, “meaning partners, members, and employees can all expect full continuity of the program as they do today. Air Canada is committed to remaining the majority owner of Aeroplan, ensuring continued control of the program while positioning it for future growth and value creation.”
Q2 2026 RESULTS
The news came as Air Canada released its Q2 2026 results. Operating revenues for Q2 were up 11% year over year, supported by strong demand across the airline’s network, including continued strength in premium and corporate travel.
“Looking ahead, we are reinstating and updating full-year 2026 guidance, supported by resilient demand for premium and corporate travel, our fare actions to mitigate fuel-price volatility and our disciplined cost management. Reflecting the progress we have made in strengthening our financial position, we believe an investment grade rating is achievable in the mid-term. Beyond 2026, with Anko van der Werff announced as my successor, I am confident Air Canada has leadership continuity, a clear strategy and the financial strength to continue driving its long-term objectives and create significant sustainable value for all stakeholders,” said Air Canada’s President and CEO, Michael Rousseau.
