Capital One To Acquire Discover


Capital One Financial Corporation (NYSE: COF) and Discover Financial Services (NYSE: DFS) have agreed that Capital One will buy Discover in an all-stock transaction worth $35.3 billion.


The acquisition merges two organizations known for consistently achieving strong financial performance, providing exceptional customer service, introducing innovative products, and promoting financial access.

Discover stockholders will get 1.0192 Capital One shares for each Discover share, which is a 26.6% premium based on Discover's closing price of $110.49 on February 16, 2024. Upon completion, Capital One stockholders will own around 60% and Discover shareholders will possess around 40% of the merged business.

Since Capital One's inception, our goal has been to establish a financial services firm driven by cutting-edge technology. Richard Fairbank, founder, Chairman, and Chief Executive Officer of Capital One, stated that acquiring Discover presents a unique chance to merge two prosperous companies with complementary strengths and businesses, and to establish a payments network capable of rivaling the biggest players in the industry. "By combining these entities, we are forming a company that is strategically positioned to generate substantial value for consumers, small businesses, merchants, and shareholders in light of the ongoing technological evolution in the payments and banking sectors."

Michael Rhodes, CEO and President of Discover, stated that the deal with Capital One combines two powerful brands to boost growth and increase value for shareholders, allowing them to benefit from the potential success of the merged company. This agreement highlights the robustness of our business and serves as evidence of the dedication of Discover personnel. We anticipate a promising future as a member of the Capital One family and aim to offer enhanced prospects for our dedicated consumers.

More Information : https://bit.ly/3OScvgt 

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