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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 the program,” says Shawn Stewart, Air Miles President. “Our U.S. parent company had a ton of debt and that just constrained our ability to invest in value for the collector.”
The deal will have no impact on rewards miles balances or the ability to redeem miles.
Read More from Loyalty360 on BMO Financial Group:
BMO and Air Miles New Mastercard Rewards
BMO Harris Bank Refreshes Cash Back Mastercard with Enhanced Benefits
BMO Harris Bank and Lively Modernize HSA Offering with Personalized Experience
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