Sears, Roebuck and Co. has reached an agreement to sell its Credit and Financial Products business to Citigroup for $32 billion. The boards of directors of both companies have approved the sale, which is expected to be completed by the end of the year.

The price reflects a $3 billion premium over the value of Sears’ $29 billion domestic credit card receivables. The domestic credit card business encompasses 59 million total accounts, of which 23 million are active. Both the Sears proprietary credit card, as well as the company’s branded MasterCard, will continue to be offered through Citigroup. The transition will be transparent to Sears’ customers, according to a statement from Sears.

Once the transaction is made final, the 8,300 Sears employees working within the division will become Citigroup employees. Citigroup will also take possession of the businesses various physical sites.

At the deal’s close, Sears will net pre-tax cash proceeds of roughly $6 billion. The two companies also have an agreement under which Citigroup will provide credit and customer service benefits to Sears’ proprietary and Gold MasterCard card holders.

Sears, Roebuck and Co. has reached an agreement to sell its Credit and Financial Products business to Citigroup for $32 billion. The boards of directors of both companies have approved the sale, which is expected to be completed by the end of the year.

The price reflects a $3 billion premium over the value of Sears’ $29 billion domestic credit card receivables. The domestic credit card business encompasses 59 million total accounts, of which 23 million are active. Both the Sears proprietary credit card, as well as the company’s branded MasterCard, will continue to be offered through Citigroup. The transition will be transparent to Sears’ customers, according to a statement from Sears.

Once the transaction is made final, the 8,300 Sears employees working within the division will become Citigroup employees. Citigroup will also take possession of the businesses various physical sites.

At the deal’s close, Sears will net pre-tax cash proceeds of roughly $6 billion. The two companies also have an agreement under which Citigroup will provide credit and customer service benefits to Sears’ proprietary and Gold MasterCard card holders.

Sears, Roebuck and Co. has reached an agreement to sell its Credit and Financial Products business to Citigroup for $32 billion. The boards of directors of both companies have approved the sale, which is expected to be completed by the end of the year.

The price reflects a $3 billion premium over the value of Sears

Sears, Roebuck and Co. has reached an agreement to sell its Credit and Financial Products business to Citigroup for $32 billion. The boards of directors of both companies have approved the sale, which is expected to be completed by the end of the year.

The price reflects a $3 billion premium over the value of Sears