BMO To Acquire AIR MILES

BMO will acquire LoyaltyOne Corporation’s AIR MILES reward program business. AIR MILES collectors can redeem points with merchants for merchandise, travel, events, and attractions. BMO intends to bring the ownership of the program to Canada and strengthen its offering for Canadian consumers and businesses. BMO is a founding partner of the program which launched in 1992 and now has nearly 10 million active collector accounts, representing approximately two-thirds of all Canadian households. The transaction will not impact collectors’ reward miles balances or the ability to collect and redeem them.