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Capital One to acquire Discover in $35.3B deal, bolstering credit card market power

Wednesday, February 21, 2024 at 12:00 AM

(The Hill) — Capital One will acquire Discover Financial Services in a $35.3 billion all-stock transaction that is expected to boost the bank’s standing in the credit card market, the bank announced Monday.

Discover shareholders will receive just over 1 (1.0192) Capital One shares for each Discover share they own, a nearly 27 percent premium based on Discover’s closing price last Friday, Capital One said in a statement Monday night.

If the deal closes, Capital One shareholders will own about 60 percent of the combined company and Discover shareholders will own about 40 percent, per the statement.

“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,” Capital One founder, chairman and CEO Richard Fairbank said in a statement.

The full article is available at ozarksfirst.com.

(Story by Miranda Nazzaro, The Hill, found at ozarksfirst.com)

 

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