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APR 7

Discover to buy Diners Club for $165 mil.

Crain's Chicago Business, April 7, 2008 — 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.

Category: Brand Strategy
Tags: Diner's Club, Discover, M&A
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