M&A Deal Summary

Discover Acquires Diners Club International

On April 7, 2008, Discover acquired financial services company Diners Club International from Citi for 165M USD

Acquisition Highlights
  • This is Discover’s 2nd transaction in the Financial Services sector.
  • This is Discover’s 3rd largest (disclosed) transaction.
  • This is Discover’s 2nd transaction in the United States.
  • This is Discover’s 1st transaction in Illinois.

M&A Deal Summary
Date 2008-04-07
Target Diners Club International
Sector Financial Services
Buyer(s) Discover
Sellers(s) Citi
Deal Type Divestiture
Deal Value 165M USD

Target

Diners Club International

Chicago, Illinois, United States
Established in 1950, Diners Club International became the first multi-purpose charge card in the world, launching a financial revolution in how consumers and companies pay for products and services. Today, Diners Club is a globally recognized brand serving the payment needs of select and affluent consumers, offering access to more than 500 airports lounges worldwide, and providing corporations and small business owners with a complete array of expense management solutions. With acceptance in more than 185 countries and territories, millions of merchant locations and access to more than 1 million cash access locations and ATMs, Diners Club is uniquely qualified to serve its cardmembers all over the world.

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Buyer(S) 1

Buyer

Discover

Riverwoods, Illinois, United States
Category Company
Founded 1960
Sector Financial Services
Employees20,200
Revenue 13.3B USD (2022)
DESCRIPTION
Discover Financial's corporate headquarters in Riverwoods, Illinois.
Discover Financial's corporate headquarters in Riverwoods, Illinois.

Discover is a direct banking and payment services company with one of the most recognized brands in U.S. financial services. The Company issues the Discover card and offers home loans, private student loans, personal loans, home equity loans, checking and savings accounts, certificates of deposit and money market accounts through its direct banking business. Discover was founded in 1960 and is incorporated in Riverwoods, Illinois.

DEAL STATS #
Overall 2 of 5
Sector (Financial Services) 2 of 5
Type (Divestiture) 1 of 2
State (Illinois) 1 of 1
Country (United States) 2 of 5
Year (2008) 1 of 1
Size (of disclosed) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-11-15 PULSE payments network

Houston, Texas, United States

PULSE is one of the nation's leading ATM/debit networks currently serving more than 4,100 banks, credit unions and savings institutions across the country. The network links an estimated 90 million cardholders with more than 250,000 ATMs and 3.3 million POS terminals at retail locations nationwide. In recent years, PULSE has become known as a valued resource for consumer research related to EFT services and an effective national voice on public policy issues relevant to the financial services industry. For more information, visit www.pulse-eft.com.

Buy $311M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-09-17 The Student Loan

Salt Lake City, Utah, United States

The Student Loan Corp. is a provider of affordable private student loans.

Buy $600M

Seller(S) 1

SELLER

Citi

New York, New York, United States
Category Company
Founded 1812
Sector Financial Services
Employees237,000
Revenue 78.5B USD (2023)
DESCRIPTION

Citi is a global diversified financial services holding company, whose businesses provide consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, trade and securities services and wealth management. Citi was incorporated in 1812 and is based in New York City.

DEAL STATS #
Overall 5 of 19
Sector (Financial Services) 4 of 12
Type (Divestiture) 5 of 16
State (Illinois) 1 of 2
Country (United States) 5 of 11
Year (2008) 2 of 5
Size (of disclosed) 9 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-02-05 CitiStreet

North Quincy, Massachusetts, United States

CitiStreet LLC is a US-based retirement plan and benefit service and administration company, with additional operations in Australia for more than 16,000 plans and 12 million participants.

Sell $900M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-05-02 CitiStreet

North Quincy, Massachusetts, United States

CitiStreet LLC is a provider of record keeping and administrative services, counseling and advice programs, and other benefit plan services primarily in the US. It has approximately 3,700 employees with the majority located in the US.

Buy $900M
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