An Air Canada-led group has unveiled their bid to buy back Aeroplan in a deal set to be valued at $2.25 billion.

The group includes TD Bank, CIBC, and Visa Canada, which all have long-standing relationships with Aeroplan’s parent company Aimia. Under the current proposal, the group would acquire Aimia’s loyalty business which includes about $2 billion worth of Aeroplan points and $250 million in cash.

The move comes just over a year after Air Canada said it would part ways with the program once their contract ends in 2020. In a statement released today, Air Canada said that it will continue plans to start its own program, with a potential acquisition of Aeroplan which would allow for a seamless transfer of points.

It’s still unclear as to whether or not Aimia’s board will recommend the offer, however, it is valuing the company at a 46 percent premium of its closing price of $2.50 per share on Tuesday. The Air Canada-led group’s offer will expire on August 2.

[via The Star]