Aimia to buy remaining stake in Nectar Italia
Aimia has announced that it will take full control of the Nectar Italia coalition loyalty programme, acquiring the remaining 25% stake currently held by Banque Accord S.A.
The purchase price consideration of approximately 7 million (approx. US$9 million) will be paid on completion. An additional contingent consideration, for an amount to be determined, may be paid within the next two years, based on the performance of the programme.
Over the three years since its launch in March 2010, Nectar Italia has signed up over 9.5 million members. Anchored by long term contracts with retailers Auchan, Simply Sma and a Nectar Italia co-branded financial cards offering, the programme has 14 sponsor partners today.
The transaction is expected to close within the next 60 days.
Rupert Duchesne, Group CEO, said: "Our ability to deliver significant numbers of new members despite the deterioration in the Italian economy over the last three years is testament to the value members can derive from participating in coalition loyalty programmes. We continue to make investments based on the value that we believe they can bring over the longer term for shareholders."
Aimia now employs more than 4,000 people in over 20 countries worldwide, and offers its clients, partners and members considerable expertise in launching and managing coalition loyalty programmes, as well as offering proprietary loyalty services, loyalty analytics and innovation in the digital, mobile and social communications spaces.
The company owns and operates the Aeroplan coalition programme in Canada and the Nectar coalition in the UK. In addition, Aimia owns stakes in Air Miles Middle East, Nectar Italia, Club Premier and Prismah Fidelidade (Brazil), and i2c (a joint venture with Sainsbury's offering insight and data analytics services in the UK to retailers and suppliers). The company also holds a minority position in Cardlytics, a US-based private company providing transaction-driven marketing for electronic banking.
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