Citibank $1 billion acquisition of Costco Wholesale credit card portfolio

27/2/2016

Private acquisition

Value:

$ 1 billion

Status:

Completed

Date:

27/2/2016

Overview:

Citibank has acquired the Costco Wholesale credit card portfolio from American Express.
The transaction was valued at $1 billion.
Costco and American Express had a strategic partnership since 1999. In 2016, however, the relationship between the two companies expired, and the partners did not come to a renewal agreement.

Rani Mehta - Journalist

Jurisdiction:

United States

Deal type:

Private acquisition

Practice area:

M&A

Industry sector:

Financial services

Firms:

Shearman & Sterling

Party: Citibank (Acquirer)

Lawyers: Daniel Litowitz, Scott Petepiece

Sullivan & Cromwell

Party: American Express (Seller)

Lawyer: Mitchell Eitel

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