Aeroplan operator Aimia and Porter Airlines have announced plans to form a new partnership.

Aimia rejected a bid for Aeroplan from an Air Canada-led group on Thursday, hours before a midnight deadline.

Air Canada and its financial partners bid $325 million for the loyalty program but Aimia wanted $450 million.

The company announced Friday morning that Porter Airlines would become a preferred Canadian airline for the loyalty point program.

The new partnership is set to become effective July 2020, after Aimia’s contract with Air Canada ends.