Blackstone-led investor consortium completes C$2.5B investment in Aeroplan

On August 17, 2026, a Blackstone Credit & Insurance ("BXCI") led consortium of investors completed a C$2.5 billion minority equity investment in Aeroplan Inc. ("Aeroplan"), the operator of Canada's leading travel loyalty program. Funds managed by BXCI, La Caisse, PSP Investments, British Columbia Investment Management Corporation, and other leading institutional investors made the investment in Aeroplan to acquire a 25% minority equity interest. Air Canada retains a 75% interest and continues to control the program’s operations.

Aeroplan is Air Canada's premier travel loyalty program, with more than 10 million members worldwide.

Blackstone is the world's largest alternative asset manager, headquartered in New York, NY.

McCarthy Tétrault LLP advised the group of co-investors, led by Blackstone, with a team led by Jonathan See, Jeremy Pleasant and Haiya Peng that included Sheema Rezaei, Jo-Anna Brimmer, Michael Eldridge, Charm Hu (Business), Jamey Gage, Heather Meredith, Meena Alnajar (Bankruptcy & Restructuring), Marie-Soleil Landry, Geneviève Lille, Camille Belanger (Tax), Ian Mak, Nicky Ning (Financial Services), Conrad Lee (Technology), Kelleher Lynch (Pensions, Benefits, & Executive Compensation), Gideon Kwinter (Competition/Antitrust & Foreign Investment), John Boscariol, Oksana Migitko (International Trade & Investment Law), Brian Lipson, Tasia Ntwari (Transportation), and Robert Antonecchia (PPSA Clerk).