Air Canada Sells 25% Stake in Aeroplan at C$10B Valuation

Air Canada is selling a 25% stake in its Aeroplan loyalty program to a Blackstone-led group for C$2.5 billion, implying a C$10 billion valuation—higher than Air Canada's own market cap. The airline retains 75% and full control, with an option to buy back between years five and eight. The deal settles August 17, with proceeds partly repaying a US$1.2 billion bond.