MONTREAL -- Aimia Inc. (AIM.TO) says it has sold the Air Miles Trademarks, licence and royalty agreements for Canada to Diversified Royalty Corp. (DIV.TO).

The Montreal-based company says the transaction was done for a cash consideration of about $53.75 million, plus a possible additional payment of up to about $13.75 million within the next three years depending on the program's performance.

Aimia's group chief executive David Johnston said in a statement the move is part of the company's plan to simplify its business.

He said it will continues to evaluate and consider further disposals of non-core investments and assets.

Aimia is grappling with Air Canada's May 1 announcement that the airline would be departing the Aeroplan program, which Aimia operates, in 2020.

The company reported a loss of $25.1 million in its latest quarter earlier this month and its shares have fallen to less than $2.