Federal antitrust regulators have cleared Discover Financial Services' $165 million acquisition of Diners Club International from Citigroup Inc., a government agency said Tuesday.
Discover said in announcing the deal last month that it will enable much broader international acceptance of Discover cards. Diners Club, the world's oldest credit card brand, is accepted in 185 countries.
Citigroup, meanwhile, is selling assets in order to raise cash. The company said last week that it plans to sell almost $500 billion of noncore businesses and other assets, including mortgage-related securities.
The Federal Trade Commission included the deal on a list of transactions that received an "early termination" of their antitrust reviews. Early termination refers to the completion of a review by the FTC or Justice Department before the end of a 30-day period required under antitrust law.
Discover shares rose 12 cents to $18.11 in midday trading.
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