Blackstone, Canadian pension funds acquire 25% of Air Canada's Aeroplan for $2B

Air Canada: Air Canada is Canada's flag carrier airline with a broad network of domestic, transborder, and international routes. It has been updating its Aeroplan loyalty program with revised earning structures and status qualifications taking effect in 2026. The airline announced the transaction to bring in Blackstone and Canadian pension funds as investors in the program. Blackstone: Blackstone is a global alternative asset manager specializing in private equity, credit, real estate, and infrastructure investments. It has recently pursued deals in energy transition, AI infrastructure partnerships, and portfolio acquisitions across multiple regions. In this news, Blackstone is leading the group acquiring a minority stake in Air Canada's Aeroplan program alongside Canadian pension funds. Canadian pension funds: Canadian pension funds, such as La Caisse, oversee substantial retirement assets and emphasize long-term investments in infrastructure and alternative assets. They often collaborate with international firms on strategic Canadian deals. Here, they partnered with Blackstone to acquire the minority stake in Aeroplan. Investment Activity: Blackstone has been actively expanding its portfolio with recent agreements in energy, infrastructure, and AI-related financing platforms. Loyalty Program Updates: Air Canada has rolled out changes to Aeroplan point earning, status qualification, and reward charts effective throughout 2026.