MEXICO CITY and MONTREAL, Oct. 29, 2012 /PRNewswire/ -- (BMV: AEROMEX.MX; TSX:AIM) Grupo Aeromexico, S.A.B. de C.V. ("Grupo Aeromexico" or "Aeromexico") and Aimia Inc. ("Aimia") are pleased to report that they have reached an agreement in principle in connection with the sale to Aimia of an additional 20% equity participation in Premier Loyalty & Marketing, S.A.P.I. de C.V. ("PLM"), owner and operator of Club Premier, Mexico's leading coalition loyalty program.
PLM's fair value has been established at US$518 million and Aimia will pay US$88 million, which includes a discount agreed to at the time of Aimia's initial investment in PLM in September of 2010. The transaction is subject to customary closing conditions, including the execution of definitive agreements and Mexican regulatory approvals, and is expected to close before the end of 2012.
After closing, Aimia's and Grupo Aeromexico's equity participations in PLM will approximate 49% and 51%, respectively.
Grupo Aeromexico and Aimia will continue their close collaboration and support of PLM's management team in the execution of their strategy to enable PLM to achieve its full potential as Mexico's leading coalition loyalty program.Andres Conesa, Chief Executive Officer of Grupo Aeromexico added: "This transaction reflects Aimia's confidence, not only in PLM and in Grupo Aeromexico's future but also in the favourable outlook for the Mexican economy and Mexico's consumer sector, which will fuel our future growth. By partnering with clear industry leaders, we have been able to create and unlock significant value for our shareholders. " "PLM's exceptional performance is the result of a strong partnership at the shareholder level and flawless execution by its very talented management team," said Rupert Duchesne, Group Chief Executive of Aimia. "We are thrilled with PLM's progress over the last two years. This provides clear evidence of the strength and portability of the Aeroplan-derived business model. The success of this partnership confirms our strategic vision in entering this important market, choosing the right partner in Grupo Aeromexico, the undisputed leading Mexican carrier," added Duchesne. Citibank acted as advisor to Grupo Aeromexico in the transaction, while RBC Capital Markets advised Aimia.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts