Shearman & Sterling represented Citibank, N.A. ("Citibank") in connection with the negotiation and execution of a purchase and sale agreement related to its pending acquisition from American Express of its Costco co-branded credit card portfolio. The transaction is expected to close in June 2016, subject to customary closing conditions, after which Citi will begin issuing Costco credit cards.

Under the terms of the agreement, following the closing, Citibank will become the exclusive issuer of Costco's co-brand credit cards (pursuant to a co-branded credit card program agreement between Citibank and Costco), and Visa will replace American Express as the credit card network for Costco in the United States and Puerto Rico.

The Team