Blackstone Nears $2B Deal for Minority Stake in Air Canada’s Aeroplan

Private-equity giant Blackstone is advancing toward a deal to acquire a minority interest in Air Canada’s Aeroplan loyalty program, a transaction valued at roughly $2 billion according to people familiar with the matter.

The investment would inject immediate liquidity into the airline, which is grappling with a combination of higher jet-fuel costs and weakening travel demand from the US. Aeroplan has long been a prized asset, generating steady revenue from co-branded credit cards and partnerships.

For Air Canada, the sale of a minority stake allows it to monetize the program without relinquishing control, potentially strengthening its balance sheet as it navigates near-term headwinds. The talks may still fall apart, but a successful close would mark one of the largest loyalty-program deals in recent years.