Canada’s Groupe Aeroplan is buying a minority position in AeroMexico’s Club Premier frequent flyer program in the third quarter of 2010, as reported in Reuters. Aeroplan will initially invest US$22 million in Club Premier with an additional $12 million to be invested if “certain performance milestones are achieved” within 18 months of closing.

“We may consider the potential merits of a future IPO of Club Premier, at an opportune time, if and when conditions are favorable,” Groupe Aeroplan CFO David Adams said in a statement.

The Globe and Mail reports that Aeroplan’s chief executive officer, Rupert Duchesne, said he expects Aeroplan will recover its investment in three to four years and that the company has considered several opportunities to invest in an airline frequent flyer program but chose Club Premier because of its corporate structure and Mexico’s growing middle class.

Bottom line: This will be an interesting one to watch. AeroMexico is a member of the SkyTeam alliance while Air Canada belongs to the Star Alliance.