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Diners Club International Ltd & Discover Financial Services	Update Date: 12/15/08
Date Announced: 04/07/08
Value (million $USD): 165.0 million U.S. Dollar

Status: Completed

TRANSACTION DETAILS
Date Announced	04/07/08
Date Originally Announced	04/07/08
Format	Acq. of Assets	Acquisition techniques	Divestiture
Attitude	Friendly	Agency	Unspecified Regulatory Auth.
Value	165.0 million U.S. Dollar	Advisor Fees	n/a

SYNOPSIS
US - Discover Financial Services LLC acquired Diners Club International Ltd, a provider of credit card services, from Citigroup Inc, for $165 mil. The transaction was subjected to customary closing conditions and regulatory approvals.

TARGET
Name	Diners Club International Ltd
Industries	Short-term business credit institutions; Misc business credit; Credit reporting services
City	Sioux Falls
State	SD
Nation	United States
Incorporated in	n/a
Public Status	Subsidiary
Business Description	Diners Club International Ltd, located in Sioux Falls, South Dakota, provides credit card services that is accepted in more than 200 countries and has access to more than 80 airport lounges. The company was founded in 1950.
Advisors	Citi
Target Sales	n/a

ACQUIROR
Name	Discover Financial Services (DFS)
Industries	Short-term business credit institutions; Misc business credit; Credit reporting services; Data processing services; Information retrieval services
City	Riverwoods
State	IL
Nation	United States
Incorporated in	DE
Public Status	Public
Business Description	Discover Financial Services, located in Riverwoods, Illinois, provides credit card issuer and electronic payment services branded as Discover Card and PULSE ATM/debit network with 260,000 ATM and POS terminals to consumer and small business sectors and have cash access locations in the United States, Mexico, Canada, and the Caribbean. . The company also issues credit cards on the MasterCard and Visa networks in the United Kingdom. The Group's portfolio includes Goldfish, several Morgan Stanley-branded credit cards and a number of affinity credit cards. The company was founded in 1986.
Advisors	Morgan Stanley
Acquiror Sales	6.57 billion U.S. Dollar

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