By  on October 23, 2012

Target Corp. agreed to sell its credit card business to TD Bank Group for about $5.9 billion.

The deal will effectively get Target out of the back end of the credit card business — a step most retailers who dabbled in holding credit card receivables have already taken. The ultimate price on the transaction will be equal the total gross value of the portfolio’s outstanding receivables when the deal closes in the first half of next year.

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