From Aimia Inc
TORONTO, June 18, 2020 /CNW Telbec/ – Aimia Inc. (TSX: AIM) (“Aimia” or the “Company”) announced that the Quebec Superior Court (Civil Division) in the District of Montreal (the “Court”) today issued a decision in favour of Aimia dismissing the application for injunctive relief filed by Air Canada and Aeroplan Inc. which was disclosed by Aimia in its May 28, 2020 news release.
The application related to the proposed combination of Aimia’s Loyalty Solutions business, which includes Intelligent Shopper Solutions (ISS) and the Air Miles Middle East program, with a subsidiary of Kognitiv Corporation (“Kognitiv”), an innovator in loyalty peer-to-peer trading and collaborative commerce, which was announced on April 29, 2020. The application alleged that the transaction would breach certain non-competition and confidentiality provisions entered into by Aimia in connection with the sale of Aeroplan in November 2018.
Having received the favourable decision from court, Aimia and Kognitiv closed the transaction today. Interim Chief Executive Officer, Phil Mittleman, commented: “We are extremely pleased to prevail on the injunction application. With the closing of the transaction with Kognitiv now complete, Aimia is now a minority shareholder in an exciting new business that’s expected to accelerate the combined entity’s potential growth and path to profitability. We believe the transaction with Kognitiv provides substantial upside potential for stakeholders.”