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Discover Buys Diners Club |
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Discover Financial Services has agreed to buy Diners Club International from Citigroup Inc. for $165 million,according to a news report from Bloomburg.
The financial wire service says Discover will acquire the Diners Club International network, which has more than $30 billion a year in spending volume outside of North America.
In an official announcement, Discover said the acquisition will allow Discover customers to use their cards at merchants that accept Diners Club cards around the world.
"This is certainly an incremental positive" for Discover, said Craig Maurer, an analyst at Calyon Securities in New York. The Diner's Club International purchase "doesn't add credit risk," Maurer said.
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