Shearman And Sterling

News March 07, 2016

Shearman & Sterling Advises Citibank in Its Pending Acquisition From American Express of the Costco Co-Branded Credit Card Portfolio

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 Shearman & Sterling team was led by partners Scott Petepiece (New York-M&A), Daniel Litowitz (New York-M&A), Daniel Laguardia (New York-Litigation) and Bjorn Bjerke (New York-Finance) and also included partners Kristen Garry (Washington DC-Tax), Christopher Ryan (Washington DC-International Arbitration), Jordan Altman (New York-Intellectual Property Transactions/Mergers & Acquisitions) and Alan Goudiss (New York-Litigation); and associates Ed Mullen (New York-M&A), Michael Steinke (New York-M&A), Jeff Hoschander (New York-Litigation), Marion Harris (New York-Litigation), Robert Bucella (New York-M&A), Edward Decker (New York-Litigation), Zach Bench (New York-M&A), Eric Grosshandler (New York-Tax) and Mark Pereira (New York-Intellectual Property Transactions).