The Bank of Montreal (BMO) Financial Group announced a deal to purchase the Air Miles loyalty rewards program in Canada. The deal comes after Air Miles’ U.S. parent company filed for bankruptcy.
According to the announcement, BMO will purchase LoyaltyOne for $160 million, subject to adjustments. The deal should bring stability to Air Miles, one of Canada’s oldest and largest loyalty programs.
“It gives us the opportunity to grow the program for our collectors and partners, and confidence in the future of....