Air Canada prices its loyalty scheme at C$10 billion

Blackstone and Quebec's La Caisse are paying C$2.5 billion for a 25% stake in Aeroplan, alongside PSP Investments and BCI, in a deal that values the points programme alone at C$10 billion, according to Air Canada's own disclosure. The airline keeps 75% and full operational control, and plans to use the cash to retire a $1.2 billion bond maturity while pushing toward an investment-grade credit rating. That valuation is roughly the size of Air Canada's entire market cap not long ago, which tells you how much investors now think loyalty data is worth relative to the planes themselves. Settlement is expected around 17 August. Blackstone framed it as a vote of confidence in Canada; bondholders will read it as balance-sheet triage.