American Express Completes Acquisition of Loyalty Partner
NEW YORK, March 1 2011 -- American Express Company today announced that it has completed the acquisition of Loyalty Partner, a leading marketing services company best known for the loyalty program it operates in Germany, Poland and India.
The acquisition will deepen American Express’ merchant relationships in select international markets, add more than 34 million consumers to the company’s international customer base and expand its range of rewards and loyalty marketing services.
American Express paid approximately €425 (US $585) million cash for the acquisition. An additional €73 (US $100) million equity interest will be held by Loyalty Partner’s management, valuing the company at €498 (US $685) million.
Loyalty Partner is now a subsidiary of American Express and will be part of the company’s International Consumer and Small Business Services group, led by its President, Douglas Buckminster. Alexander Rittweger will continue as Chief Executive Officer of Loyalty Partner.