Air Canada is buying back Aeroplan after all

Air Canada and Aeroplan have been trying to lift off the tarmac for some time now, and it looks like flight has finally been achieved. 

In an early morning development, Air Canada reached a deal with Aeroplan's parent company, Aimia, for around  $2.45 billion. That's $450 million outright, and $2 billion for the outstanding, unredeemed Aeroplan miles. 

After parting ways with the travel points program, Air Canada then attempted to purchase it back a few weeks ago, without success. Then shortly after, Aeroplan announced plans to partner with Porter Airlines. 

Air Canada decided it wasn't having any of that, and almost doubled the original bid, which Aimia accepted today. Air Canada partnered with Visa Canada, TD Bank, and CIBC to make the deal. 

The airline's up-and-coming, unnamed loyalty program was slated for 2020 and announced once it disposed of Aeroplan. Now, it looks like the programs will be merged together. The status of consumers' points is not yet known. 

However, Air Canada CEO Calin Rovinescu said that the new deal will "allow for a smooth transition to Air Canada's new loyalty programming" for Aeroplan members.