Sears Canada Inc. will sell its credit and financial services business to JPMorgan Chase & Co. for approximately $2.2 billion.
As part of the deal, JPMorgan will provide credit and customer service benefits to Sears Card and Sears MasterCard holders in Canada.
Sears Canada expects to receive more than $100 million in annual performance payments from JPMorgan from such credit sales, new account generation and other sources. JPMorgan said it would provide deferred financing for Sears customers at historical levels.
The transaction is expected to close by December.
Network
