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updated: 10/23/2012 9:27 AM

Target to sell credit card business to TD Bank

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Associated Press

NEW YORK -- Target Corp. says it has reached a deal to sell its entire consumer credit card business to TD Bank Group.

The discounter says the sale price is equal to the gross value of the outstanding receivables at the time of closing. Target's portfolio currently has a gross value of about $5.9 billion.

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The two companies also entered into a seven-year pact under which TD will underwrite, fund and own future Target credit card and Target Visa receivables in the U.S.

The transaction is expected to close in the first half of calendar 2013.

Target said in January 2011 that it intended to sell its credit card business, but put those plans on hold at the beginning of this year.

Target shares rose 4 cents to $62.25 in premarket trading.

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