- Diversified Royalty Corp. (DIV) announced that BMO Financial Group has agreed to acquire the Air Miles rewards program from LoyaltyOne Co.
- Diversified Royalty’s subsidiary AM Royalties Limited Partnership owns the Canadian AIR MILES trademarks
- BMO’s acquisition of the AIR MILES Reward Program business has been proposed as part of LoyaltyOne’s bankruptcy proceeding
- DIV is a multi-royalty corporation focused on acquiring royalties from well-managed multi-location businesses and franchisors in North America
- Diversified Royalty Corp. (DIV) is down 5.81 per cent on the day, trading at C$3.08 per share at 11 am ET.
Diversified Royalty Corp. (DIV) announced that BMO Financial Group has agreed to acquire the Air Miles rewards program from LoyaltyOne Co.
BMO’s acquisition of the AIR MILES Reward Program business has been proposed as part of LoyaltyOne’s proceeding under the Companies’ Creditors Arrangement Act (Canada).
Air Miles’ U.S. parent company, LoyaltyVentures, has filed a voluntary petition for relief under chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the Southern District of Texas.
Diversified Royalty’s subsidiary AM Royalties Limited Partnership owns the Canadian AIR MILES trademarks and certain related Canadian intellectual property rights. AM LP licences the AIR MILES Rights to LoyaltyOne for use in the AIR Miles reward program business in Canada in accordance with the terms of two license agreements.
About Diversified Royalty Corp.
DIV is a multi-royalty corporation focused on acquiring royalties from well-managed multi-location businesses and franchisors in North America. DIV’s objective is to acquire predictable, growing royalty streams from a diverse group of multi-location businesses and franchisors.
DIV currently owns the Mr. Lube, AIR MILES, Sutton, Mr. Mikes, Nurse Next Door, Oxford Learning Centres and Stratus Building Solutions trademarks. AIR MILES is Canada’s largest coalition loyalty program.
Diversified Royalty Corp. (DIV) is down 5.81 per cent on the day, trading at C$3.08 per share at 11 am ET.