Citi's U.S. Consumer Cards business has announced an agreement to acquire Kard Financial, Inc., a company specializing in commerce media and rewards platforms that enhance customer engagement through personalized offers.
The financial terms of the acquisition have not been disclosed, but the deal is not expected to significantly impact Citi's financial results.
Both Citi and Kard will continue to operate independently until the transaction is finalized.
Keefe, Bruyette & Woods, a Stifel Company, served as the exclusive financial advisor to Kard for this transaction.
Sullivan & Cromwell LLP provided legal counsel to Citi, while Latham & Watkins LLP represented Kard.
"We’re focused on helping customers get more value from their everyday spending," said Abhinav Anand, Citi’s Head of Value Cards, Lending and Commerce. "Kard has built advanced capabilities that complement our vision for the future of commerce and loyalty. With this acquisition, we believe we can work with Kard to accelerate innovation and deliver more personalized experiences for customers while creating new opportunities for brands and merchants to reach, engage and reward consumers in more meaningful ways."