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Diners Club acquisition by Discover completed

Posted by J.S.

July 2, 2008

Discover Financial Services said today that it has completed its $165 million acquisition of Diners Club International from Citigroup Inc.

The agreement was announced in April.

“Discover will significantly enhance its competitive position in the global payments business through this acquisition,” said David Nelms, chief executive officer of Discover, in a statement. “It provides us with a path to achieving global acceptance, establishing new international partnerships and generating higher payments volumes.”

Diners Club is the world’s oldest credit card brand and is accepted in about 185 countries.

Discover said the deal would bring the company more than $30 billion in annual spend volume outside of North America and agreements with 44 network licensees who issue Diners Club cards.