Discover Financial Services today announced an agreement to acquire Diners Club International, the once-mighty travel-and-entertainment credit card brand established in 1950, from Citigroup Inc. In the $165 million all-cash deal, Discover improves its stature as a global brand by gaining access to Diners Club's 8 million acceptance points in 186 countries. Discover's 50 million cardholders will be able to use their cards at Diners Club merchants worldwide, and the estimated 6 million Diners Club cardholders will be able to use their cards wherever Discover Network cards are accepted. More than 44 licensees, including Citi, issue Diners Club cards and those agreements will …
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