Capital One Financial Corp. (NYSE: COF) and Discover Financial Services (NYSE: DFS) have announced a definitive agreement for Capital One to acquire Discover in an all-stock transaction valued at $35.3 billion. This strategic move is expected to create a leading financial services company with enhanced scale, product offerings and customer reach. The combined entity will leverage the strengths of both organizations to drive innovation, enhance customer experiences and deliver greater value to shareholders.
According to the press release, the acquisition is subject to customary closing conditions, including regulatory approvals and approval by Discover’s shareholders. Both companies’ boards of directors have unanimously approved the transaction, which is anticipated to close in the second half of 2024. The deal is expected to be accretive to Capital One’s earnings per share and to generate significant cost synergies.
“This combination brings together two customer-centric companies with complementary strengths, creating a powerhouse in the financial services industry,” Richard D. Fairbank, Chairman and CEO of Capital One, stated in the news release. “We are excited about the opportunities this acquisition presents to deliver enhanced value to our customers, communities, and shareholders.”
To view the full press release, visit https://ibn.fm/cMji3
About Capital One
Capital One Financial Corp. is a financial holding company which, along with its subsidiaries, had $348.4 billion in deposits and $478.5 billion in total assets as of December 31, 2023. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches and Cafés located primarily in New York, Louisiana, Texas, Maryland, Virginia and the District of Columbia. For more information, visit the company’s website at www.CapitalOne.com
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