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Article: Atlanta Credit-Card Issuer to Acquire Florida Company.(Knight Ridder/Tribune Business News)
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- April 14, 2000
- Author:
CopyrightCOPYRIGHT 2000 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Apr. 14--CompuCredit, an Atlanta company that issues credit cards to "overlooked" customers, said Thursday that it has agreed to acquire Daytona Beach, Fla.-based Citadel Group in a deal valued at about $64 million.
CompuCredit, which announced the deal after the close of primary trading of its shares on the Nasdaq market, said the acquisition will broaden its product base and help preserve the privacy of its customers.
"This acquisition is an important component of our growth strategy. We have enjoyed a very successful joint venture with Citadel, during which time the penetration rate among our card holders for fee-based products and services has grown ...