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BMO announced plans Friday to take over one of Canada’s largest loyalty programs.
The company has signed a purchase agreement with LoyaltyOne to acquire Air Miles.
Officials said the deal, which has not been approved, would accelerate the future growth of the Air Miles program.
“BMO’s acquisition of Air Miles would be a made-in-Canada opportunity to enable a reinvigoration for one of Canada’s largest loyalty programs,” the company said in a statement Friday.
Air Miles has had a rough go in recent months, with several major retailers like Sobeys and Staples deciding to leave.
BMO said as a founding partner of Air Miles, it is well position to strengthen and grow the program, which has nearly 10 million active collector accounts.
“As Air Miles’ longstanding partner, BMO’s acquisition would be a significant step forward in solidifying the future of the Air Miles program,” said Shawn Stewart, president of the Air Miles Reward Program.
The proposed acquisition must still be approved by the courts.