Asset manager Blackstone and Quebec's La Caisse pension fund have agreed to acquire a 25% stake in Air Canada's loyalty-points program for nearly US$2 billion, which the airline said would help in its pursuit of an investment-grade rating.

Blackstone, meanwhile, said the deal is a sign of the asset manager's confidence in Canada as a place to do business.

Montreal-based Air Canada, which is the nation's largest airline, said the proceeds would help repay an upcoming billion-dollar bond maturity and reduce debt. Air Canada said the transaction values its Aeroplan points program at 10 billion Canadian dollars (US$7.2 billion).

Blackstone and La Caisse are leading a consortium that also includes two other Canadian pension plans: PSP Investment and the British Columbia Investment Management Corporation.

Aeroplan members collect points through Air Canada flights and purchases made with co-branded credit cards, which they can then redeem in exchange for air travel or other goods.

"The transaction strengthens Air Canada's financial position by unlocking value from Aeroplan while retaining full operational control," said John Di Bert, the airline's chief financial officer. "It provides additional financial flexibility, and supports our pursuit of an investment grade rating," he added.

Aeroplan is an industry-leading loyalty platform, according to Mark Rutledge, a senior managing director at Blackstone.

"Blackstone is a long-term believer in Canada as both a compelling place to invest and serve clients," Rutledge said.

"This transaction adds to our decades-long commitment to the country and is another example of our ability to provide flexible, efficient capital solutions to leading businesses around the world," he added.

Air Canada shares finished trading on Tuesday up 5.9%, at C$27.27, in Toronto.