Private Markets
La Caisse joins C$2.5 billion minority investment in Aeroplan
Funds managed by La Caisse and Blackstone, with PSP Investments and BCI, agreed to a C$2.5 billion minority investment in Aeroplan. The investor group will acquire a 25% non-controlling interest, valuing Aeroplan at C$10 billion. Air Canada will retain 75% ownership and control, while proceeds are intended mainly to repay a bond maturity and fund share repurchases.
Funds managed by Blackstone and La Caisse, together with PSP Investments and British Columbia Investment Management Corporation, agreed to make a C$2.5 billion minority equity investment in Aeroplan. The group will acquire a 25% non-controlling interest, valuing Aeroplan at C$10 billion. Air Canada will retain 75% ownership and control of strategy, operations and day-to-day management. The company said proceeds would primarily repay its upcoming US$1.2 billion bond maturity, with most of the remaining proceeds intended for accelerated share repurchases.