Citi is selling its Diners Club International Network to Discover Financial Services for $165 million. As part of the agreement, Citi will keep issuing Diners Club cards. Discover gets the network, which generates more than $30 billion per year in “spend volume outside of North America, along with the brand and trademarks, employees and more than eight million incremental merchant and cash-access locations in 185 countries worldwide, according to an April 7 Discovery press release.
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The transaction may signal the start of the much-anticipated Citi yard sale, analysts say. Citi hadn’t said anything—not even a press statement—as of the market close on April 7.
