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Grupo Aeromexico Announces Offer to Acquire Aimia's Stake in PLM

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Grupo Aeromexico Announces Offer to Acquire Aimia's Stake in PLM

PR Newswire

MEXICO CITY, July 26, 2018 /PRNewswire/ -- Grupo Aeromexico S.A.B. de C.V. ("Aeromexico") (BMV: AEROMEX) today announces offer to acquire Aimia's stake in PLM.

Grupo Aeromexico ("Aeromexico") informs that, as a current shareholder of 51.145% of PLM Premier, S.A.P.I. de C.V. ("PLM"), it has made a non-binding proposal for the acquisition of the shares currently held by Aimia Inc ("Aimia"), representing 48.855% on a fully diluted basis, of the outstanding shares of capital stock (the "Stock") of PLM (the "Proposed Transaction") for an amount of $180 million US dollars.  This amount, including dividends and marketing fees paid to Aimia since its investment, represents an annualized rate of return for Aimia of approximately 18%.

If completed, the Proposed Transaction would result in a positive outcome for Aimia's shareholders as it provides an opportunity to realize an immediate return on the disposal of an asset, the divestiture of which would have otherwise been challenging. The Proposed Transaction would also provide benefits to Aimia's stakeholders as it would provide material financial resources which Aimia can use to strengthen its core business.

The Proposed Transaction is subject to the satisfactory conclusion of transaction documents and any necessary regulatory and internal approvals. There are no conditions related to due diligence or financing.

It merits mentioning that Aeromexico has informed Aimia that the current contract between PLM and Grupo Aeromexico ("Aeromexico"), that establishes the basis of operation for the loyalty program Club Premier, will not be extended beyond its current expiration date.

Given the long-term intention of Aeromexico to take full control of its loyalty program, Aeromexico does not consider an IPO of PLM as an acceptable option. For this reason it is Aeromexico's view that the best long term solution for all stakeholders is for Aeromexico to acquire the equity stake currently held by Aimia.

The Proposed Transaction offer is valid until midnight of August 3, 2018, and Aeromexico is committed to engaging with Aimia's board to provide all necessary information to facilitate a successful outcome to this process.

About Grupo Aeromexico

Grupo Aeromexico, S.A.B. de C.V. is a holding company whose subsidiaries are engaged in commercial aviation in Mexico and the promotion of passenger loyalty programs. Aeromexico, Mexico´s global airline, operates more than 600 daily flights and its main hub is in Terminal 2 at the Mexico City International Airport. Its destinations network features more than 90 cities on three continents, including 44 destinations in Mexico, 21 in the United States, 15 in Latin America, 3 in Canada, 4 in Europe, and 3 in Asia.

The Group's operating fleet of 133 aircraft is comprised of Boeing 787 and 737 jet airliners and next generation Embraer 170 and 190 models. In 2012, the airline announced the most significant investment strategy in aviation history in Mexico, to purchase 100 Boeing aircraft including 90 MAX B737 jet airliners and 10 B787-9 Dreamliner's.

As a founding member of the SkyTeam airline alliance, Aeromexico offers customers more than 1,000 destinations in 179 countries served by the 20 SkyTeam airline partners rewarding passengers with benefits including access to 636 premium airport lounges around the world. Aeromexico also offers travel on its codeshare partner flights with Delta Air Lines, Air France-KLM, Avianca, Copa Airlines and WestJet, with extensive connectivity in countries like the United States, Brazil, Canada, Colombia and Peru.

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SOURCE Grupo Aeromexico S.A.B. de C.V.

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