Capital One set to acquire Discover Financial Services for $35bn

Capital One Discover

Capital One has entered a definitive agreement to acquire Discover Financial Services in an all-stock transaction valued at $35.3 billion.

Under the terms of the agreement, Discover shareholders will receive 1.0192 Capital One shares for each Discover share, representing a premium of 26.6% based on Discover’s closing price of $110.49 on 16 February 2024. At close, Capital One shareholders will own approximately 60% and Discover shareholders will own approximately 40% of the combined company.

Through the deal, the combined company hopes to create a global payments platform, leveraging Discover’s 70 million merchant acceptance points in more than 200 countries and territories, as well as Capital One’s customer base, technology and data ecosystem to drive sales for merchants and create value for consumers and small businesses.

The two companies also aim to combine their credit card businesses, scaling Capital One Bank, deliver returns on invested capital and strengthen their balance sheet.

“Our acquisition of Discover is a singular opportunity to bring together two very successful companies with complementary capabilities and franchises, and to build a payments network that can compete with the largest payments networks and payments companies,” said Richard Fairbank, founder, chairman and CEO of Capital One.

“The transaction with Capital One brings together two strong brands with enhanced ability to accelerate growth and maximizes value for our shareholders, enabling them to participate in the tremendous upside of the combined company,” added Michael Rhodes, CEO and president of Discover.

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.

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