Air Canada Announces $2.5 Billion Minority Equity Investment in Aeroplan Led by Blackstone and La Caisse
Blackstone and La Caisse are leading a $2.5 billion minority equity investment in Air Canada's Aeroplan loyalty program, valuing it at $10 billion.
MONTREAL, Aug. 11, 2026. Air Canada today announced that funds managed by Blackstone and La Caisse, together with other leading Canadian institutions, are making a $2.5 billion minority equity investment in Aeroplan Inc. The transaction terms provide that the investor group is acquiring a 25% non-controlling equity interest in Aeroplan, valuing the program at $10 billion.
Air Canada will maintain full operational control of Aeroplan and a controlling ownership interest after the minority investment. Proceeds from this investment will be used toward the repayment of Air Canada's upcoming US$1.2 billion bond maturity, strengthening Air Canada's balance sheet.
The investor group led by Blackstone and La Caisse also includes PSP Investments and British Columbia Investment Management Corporation (BCI).
"This investment highlights Aeroplan as a differentiated loyalty platform and showcases the exceptional value created since its acquisition," said John Di Bert, Executive Vice President and Chief Financial Officer at Air Canada.
"Air Canada has established Aeroplan as one of Canada's leading loyalty programs, with strategic partnerships across travel, financial, and commercial sectors," said Craig Landry, Executive Vice President & Chief Innovation Officer at Air Canada, and President of Aeroplan.
"We are proud to support Air Canada and the leading loyalty platform they've built in Aeroplan," said Mark Rutledge, Senior Managing Director, Blackstone. "Blackstone is a long-term believer in Canada as both a compelling place to invest and serve clients."
"This investment in Aeroplan, one of the country's leading loyalty programs built by Air Canada, reflects La Caisse's ability to structure tailored capital solutions backed by a strategic asset, alongside a strong group of co-investors," said Martin Longchamps, Executive Vice-President and Head of Private Equity and Private Credit at La Caisse.
About Air Canada
Air Canada is Canada's largest airline, the country's flag carrier and a founding member of Star Alliance, the world's most comprehensive air transportation network.
About Blackstone
Blackstone is the world's largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests.
About La Caisse
For more than 60 years, La Caisse has invested with a dual mandate: generate optimal long-term returns for its 48 depositors, who represent over six million Quebecers, while contributing to Quebec's economic development.
SOURCE Air Canada