Aeroméxico regains full control of Club Premier owner PLM

The purchase was made from Aimia Holdings UK Limited and Aimia Holdings UK II Limited.

Club Premier is the airline’s loyalty program, allowing travelers to accumulate or purchase benefits such as package holidays, access to VIP lounges at airports, and accommodation, among other amenities.

The deal was carried out following a debt restructuring as part of the airline’s Chapter 11 receivership proceedings, allowing Aeroméxico to regain full control of Club Premier after the divestiture by Aimia.

Upon closing of the PLM transaction, Aimia Holdings UK Limited and Aimia Holdings UK II Limited will receive approximately $531 million in net cash proceeds, subject to certain adjustments to be made post-closing.

In addition, an earn-out in an amount of approximately $27 million on a net basis, is payable to Aimia Holdings UK Limited and Aimia Holdings UK II Limited in cash should the PLM loyalty program achieve certain targeted annual gross billings amounts by 2024.

PLM Premier was advised on the deal by Mexican law firm Galicia, whose team was led by partner José Visoso, with tax partner Federico Scheffler, tax associate

Sebastián Aysa, and M&A associates Fernanda Luna, Gabriela Lomelí and Florencio Madariaga.

PLM Premier’s general counsel Juan Carlos Muradás Ruiz was also involved in the negotiation of the transaction.

Mexican law firm Creel, García Cuellar, Aiza y Enríquez acted as counsel to Aimia, while Sainz Abogados acted as Mexican counsel to Aeroméxico.