AIRLINES & ALLIANCES

Bank of Montreal (BMO) agrees to acquire Air Miles Loyalty Programme

BMO announced that it would acquire Air Miles a day after the company announced it was getting ready to file for bankruptcy.

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GLO

BMO has announced its intention to purchase the AIR MILES loyalty program, after the parent company has filed for bankruptcy in the U.S. and Canada. While it remains to be seen what the future holds for AIR MILES, it appears that members can breathe a sigh of relief after a tumultuous 18 hours of uncertainty about their miles. Although the purchase is not yet final, the emails received from BMO and its agencies indicate confidence in the acquisition. There is no reason to believe that it won’t be approved, as it should satisfy the bankruptcy courts and provide some funds to Loyalty Ventures’ creditors.