BMO Financial Group closed its acquisition of the Air Miles loyalty rewards program in Canada on Thursday, saying it plans to expand the program with new ways to earn and redeem points.
BMO announced in March it would purchase Air Miles after the program's U.S. parent company filed for bankruptcy. The bank's so-called stalking horse offer for LoyaltyOne Co. was US$160 million, subject to certain adjustments, according to court documents."We wanted to come out of the gate strong and reinvigorate what is a Canadian leading loyalty program. And what you'll see over the summer is a continued release of of new products, and new opportunities for collectors to earn.
Last summer, Sobeys and Safeway owner Empire Co. Ltd. and office supply retailer Staples said they would be scrapping the program, a year after the Liquor Control Board of Ontario and Lowe's Canada pulled out. Stewart said the main complaint coming from program partners was a lack of investment in the Air Miles program, an issue the acquisition is expected to address.