BMO Financial Group announced a deal Friday to acquire the Air Miles loyalty rewards program from LoyaltyOne Co.
Financial terms of the agreement were not immediately available.
Air Miles president Shawn Stewart called the deal a “significant step forward in solidifying the future of the Air Miles program.”
The deal has “no impact on Air Miles collectors’ reward miles balances or on collectors’ ability to collect and redeem Air Miles reward miles,” Stewart said in a statement.
Air Miles is one of the largest loyalty programs in Canada, with nearly 10 million active collector accounts representing about two-thirds of  Canadian households.
Collectors earn Air Miles at retail stores and service locations as well as through some credit and debit cards, which can be redeemed for “aspirational rewards” like merchandise, travel, events, and attractions….