Bank of Montreal to Acquire AIR MILES Reward Program
10 Marzo 2023 - 1:46PM
Dow Jones News
By Adriano Marchese
Bank of Montreal has agreed to acquire AIR MILES Reward Program
business from a subsidiary of Loyalty Ventures Inc. for an
undisclosed sum.
The Canadian bank and LoyaltyOne Co. said in a joint statement
on Friday that the acquisition of the reward program business has
been proposed as part of LoyaltyOne's proceedings under the
Companies' Creditors Arrangement Act which was begun in Ontario's
Superior Court of Justice.
BMO was a founding partner of the AIR MILES program which
launched in 1992 and has nearly 10 million active collector
accounts.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
March 10, 2023 07:31 ET (12:31 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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