Acquisition By Discover Financial Services
In a transaction completed July 1, 2008, Discover Financial Services purchased Diners Club International from Citi for $165 million. The deal was announced in April 2008 and approved by the U.S. government in May 2008. By merging the North American Discover Network with the international Diners Club Network, Discover created a global payment processing system. Discover Bank has no plans to issue Diners Club-branded cards, which continue to be issued by Diners Club International licensees.
In 2011, Discover began putting its logo on Diners Club cards. Some payment processors, like PayPal, can only process new Diners Club cards with the Discover logo on them.
Read more about this topic: Diners Club International
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