Air Canada is selling a 35% share of its frequent-flier scheme to Toronto-headquartered group Onex.
Under the deal, expected to close by March 31, the airline will receive C$245 million ($160m; €148m; £97m) for the stake in Aeroplan (valuing the scheme at C$900m), and will keep a 65% holding.
The two firms have not always been so friendly. Three years ago, they were pitched against each other in a battle to take over Canadian Airlines – Air Canada eventually winning the day.
Launched in 1984, Aeroplan boasts 6m members and last year posted revenues of C$600m.
Data sourced from: The Wall Street Journal Online; additional content by WARC staff