Citigroup said it agreed to acquire Dallas-based Associates First Capital Corp. for $31.1 billion in stock, in efforts to step up Citigroup's global consumer financial services expansion.

Based on Sept. 5 closing prices, Associates' shareholders will receive 0.7334 common share, or $42.49 per share of Citigroup for each Associates share. Associates has over $100 billion in managed assets, $10.3 billion in shareholder equity, and 2,750 offices in 14 countries including the U.S.

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