3.3.4. Discover acquires Diners Club
In April 2008, Discover Financial Services and Citigroup announced that Discover was purchasing the Diners Club network from Citi for $165 million. In May 2008, the U.S. approved the transaction. The deal was completed on July 1, 2008. Discover stated that the Diners Club network, which is a major network outside North America, will be merged with the Discover Network, a major network in North America, creating an international network for Discover Network cards and Diners Club cards. Diners Club cards will continue to be issued by Diners Club International licensees, including Citibank. Discover Bank has no plans on issuing Diners Club branded cards itself. Discover only purchased the network, and not the licensees issuing the cards.
