The operator of the Nectar loyalty card scheme has been sold to a Canadian marketing company for GBP368m (US$759m).
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Aeroplan Income Fund has snapped up the UK’s Loyalty Management Group (LMG), the Nectar owner said yesterday (3 December).
Aeroplan said it expects the transaction to close by the end of the year. LMG is being acquired from its chairman, Sir Keith Mills, who according to reports is expected to net some GBP161m from the deal.
“This announcement marks an important milestone in our stated acquisition strategy,” said Rupert Duchesne, Aeroplan’s president and CEO. “The acquisition of LMG gives us unparalleled breadth of retail, financial services, travel, as well as data analytics skills and experience. Through this transaction, we will assume a dominant position in one of the most important and active loyalty markets in the world whilst acquiring expertise that will help accelerate our retail expansion in Canada.”
Nectar is the UK’s largest customer loyalty scheme with 50% of UK households participating through 15 leading national retail operators.
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