A consortium including Air Canada, TD Bank, CIBC and Visa Canada Corp. have reached a deal to acquire the Aeroplan loyalty program Amimia Inc.

The group has agreed to pay $450 million in cash and assume approximately $1.9 billion of Aeroplan miles liability.

An initial offer of $250 million in cash and the assumption of the reward point liability in July that was rejected by Aimia.

Aeroplan was an in-house loyalty program created by Air Canada, but it shifted to an independent business as part of a court-supervised restructuring of the airline.