CAPITAL ONE TO ACQUIRE DISCOVER FINANCIAL SERVICES

22 February 2024

On February 19th, 2024 Capital One Financial Corporation (NYSE: COF) and Discover Financial Services (NYSE: DFS) announced that they have entered into a definitive agreement under which Capital One will acquire Discover in an all-stock transaction valued at $35.3 billion.

According to companies’, “the transaction brings together two companies with long-standing track records of delivering attractive and resilient financial results, award-winning customer experiences, breakthrough innovation, and financial inclusion.”

Under the terms of the agreement, Discover shareholders will receive 1.0192 Capital One shares for each Discover share.

At close, Capital One shareholders will own approximately 60% and Discover shareholders will own approximately 40% of the combined company.

The transaction is expected to close in late 2024 or early 2025, subject to satisfaction of customary closing conditions, including regulatory approvals and approval by the shareholders of each company.

Capital One to Acquire Discover


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