Alliance Data Completes Spinoff of LoyaltyOne Segment

Alliance Data Systems Corporation, a leading provider of tech-forward payment and lending solutions, announced that it has completed the previously announced separation of its LoyaltyOne segment, consisting of the Canadian AIR MILES® Reward Program and Netherlands-based BrandLoyalty businesses, into an independent, publicly traded company, Loyalty Ventures Inc. Loyalty Ventures common stock will begin regular-way trading today on Nasdaq under the ticker symbol “LYLT.”

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“The completion of our LoyaltyOne segment spinoff is an important milestone in our Company’s history as it represents the achievement of our stated goals to simplify our business model and narrative, and focus on assets with the highest growth potential,” said Ralph Andretta, president and chief executive officer, Alliance Data. “Loyalty Ventures has a solid management team and business strategy in place, and as both businesses move forward independently, I am confident that each is well positioned for future success. The completion of this transaction enables us to provide greater value to all our stakeholders with a streamlined focus on and investment in the continued transformation of Card Services. I am excited about this defining moment as Alliance Data moves forward as an evolved, tech-forward payment and lending solutions business poised to deliver sustainable, profitable growth.”

The separation was achieved through the pro rata distribution after the market close on November 5, 2021 of 81% of the outstanding shares of Loyalty Ventures to holders of Alliance Data common stock, with Alliance Data stockholders receiving one share of Loyalty Ventures common stock for every two and one-half shares of Alliance Data common stock held at the close of business on the record date of October 27, 2021. Alliance Data stockholders entitled to receive the distribution received a book-entry account statement or a credit to their brokerage account reflecting their ownership of Loyalty Ventures common stock. Fractional shares of Loyalty Ventures common stock were not distributed. Any fractional share of Loyalty Ventures common stock otherwise issuable to an Alliance Data stockholder will be sold in the open market on such stockholder’s behalf, and such stockholder will receive a cash payment for the fractional share based on its pro rata portion of the net cash proceeds from all sales of fractional shares. Alliance Data will retain 19% of the outstanding shares of Loyalty Ventures common stock, which Alliance Data intends to divest in a tax-efficient manner.

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Morgan Stanley is serving as financial advisor and Davis Polk & Wardwell LLP is serving as legal counsel to Alliance Data in connection with the distribution.

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