0.46%XLF 17.14 3.71%QQQQ 34.00 2.47%
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RIVERWOODS, Ill. - Credit card issuer Discover Financial Services said Monday it will buy Diners Club International from Citigroup Inc. for $165 million.
The acquisition is a move to increase Discover's global acceptance and electronic payments network.
"We expect this acquisition to significantly improve our competitive position by giving us global reach and accelerating growth in our payments network revenues," David Nelms, Discover's chief executive, said in a statement.
Discover will take over Diners Club's payment network, brand and license agreements. Diners Club cards are accepted at more than 8 million locations in 185 countries.
After integrating the operations, Diners Club cardholders will be able to use their cards where Discover charge cards are accepted, while Discover card holders will be able to use their cards where Diners Club cards are accepted.
Citigroup will continue to issue Diners Club-branded cards, but Discover will not.
The deal is expected to close within three months.
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