Grupo Aeroméxico announced that it has signed a definitive agreement with Aimia Inc. (AIM), an investment company, which reflects the previously announced agreement between the parties to make certain modifications to the Shareholders Agreement between them and the commercial agreement (CPSA) between Aeroméxico and PLM Premier, SAPI (PLM), the operator of the Club Premier loyalty program.
On the one hand, Aimia is an investment holding company with a focus on long-term investments in public and private companies, worldwide, through controlling or minority interests.
The company operates an investment advisory business through its subsidiary Mittleman Brothers Inc., and owns a diversified investment portfolio that includes a 48.9% equity interest in PLM Premier, S.A.P.I. de CV (PLM), owner and operator of Club Premier, the leading coalition program in Mexico.
He also owns a 49% equity stake in Kognitiv, a transformative leader in loyalty; a 20% equity stake in travel technology company BIGLIFE, the operator of BIG Loyalty, one of Asia’s largest loyalty programs, as well as a minority stake in Clear Media Limited, one of the world’s leading outdoor advertising firms. great from China.
On the other hand, Grupo Aeroméxico operates more than 570 daily flights and its main operations center is located in Terminal 2 of the Mexico City International Airport. Its destination network reaches more than 80 cities on three continents: 42 in Mexico, 17 in the United States, 15 in Latin America, 4 in Canada, 5 in Europe and 2 in Asia. The Group’s current operating fleet includes 119 Boeing 787 and 737 aircraft, as well as the latest generation Embraer, 170 and 190.
Aeroméxico
The changes made to the CPSA include a 20-year extension of the current term until September 13, 2050. The extension of the commercial contract strengthens the relationship between Aeroméxico and PLM, to expand and strengthen the program, and align the interests of the shareholders of PLM regarding its profitability and its value.
After the initial PLM loan to Aeroméxico for 50 million dollars made under the existing intercompany credit line, which was carried out after the signing of the letter of intent between Aimia and Aeroméxico announced on May 12, 2020, today An additional advance of $ 50 million was made to Aeroméxico by PLM through advance purchase of award tickets.
The foregoing derived from the execution of the amendments to the CPSA. Total financial support of $ 100 million is guaranteed by Aeroméxico’s shareholding in PLM. Subject to market conditions, Aimia and Aeroméxico will explore alternatives to managing PLM’s balance sheet and strong cash flows in order to provide additional resources to shareholders, including a possible leveraged recapitalization of PLM’s balance sheet.
Other points
In addition, the both companies agreed to modify the Shareholders Agreement to grant Aeroméxico a 7-year purchase option for 48.9% of Aimia’s participation in PLM at a minimum price of $ 400 million or an adjusted EBITDA multiple of 7.5 x, whichever is greater, plus Aimia’s proportionate share of cash net of third-party financial debt.
