Aimia Inc. said Thursday it has sold its Nectar loyalty program to U.K. supermarket group J Sainsbury PLC for approximately $105 million. Sainsbury has been part of the Nectar program since it launched in 2002, and has businesses covering the grocery, financial services, energy, clothing, and general merchandise sectors. Montreal-based Aimia said selling Nectar will allow it to focus on the Aeroplan program ahead of the departure of partner Air Canada, which has said it will launch its own loyalty program in 2020. Aimia shares came under selling pressure in the wake of the sale's announcement. Aimia is scheduled to report its fourth-quarter earnings on February 14.

Source: CBC News February 01, 2018 14:38 UTC