American Express Co. has completed its purchase of the European marketing service company Loyalty Partner.
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Amex said it paid about $585 million. Loyalty Partner's management team holds an additional $100 million in equity interest, which puts the unit's total value at $685 million, Amex said.
The acquisition expands Amex's international customer base by 34 million.
Loyalty Partner will be part of the New York-based company's International Consumer and Small Business Services Group, which is run by Douglas Buckminster. Loyalty Partner's chief executive, Alexander Rittweger, will retain that role.
Amex announced the deal in November. The closing was announced Tuesday.
