April 21, 2024
Finance

Capital One to Buy Discover Financial in All-Stock Deal (COF, DFS)


Capital One Financial Corp. agreed to buy Discover Financial Services in a $35 billion all-stock deal to create the largest US credit card company by loan volume, giving the combined entity a stronger foothold to compete with Wall Street’s behemoths.

Capital One will pay 1.0192 of its own shares for each Discover share, a 26.6% premium to the closing price on Feb. 16, the McLean, Virginia-based company said in a statement. The transaction, first reported by Bloomberg News, is expected to complete in late 2024 or early 2025, pending regulatory and shareholder approvals of both firms.



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