"Capital One's $35.3 Billion Acquisition of Discover: What It Means for Customers"
Capital One is acquiring Discover Financial Services in a $35.3 billion, all-stock deal, with Capital One shareholders owning 60% of the combined company and Discover shareholders owning 40%. The acquisition aims to create a competitive payments network, leveraging Discover's 70 million merchant acceptance points in over 200 countries. The transaction is expected to close in late 2024 or early 2025, pending regulatory approvals and shareholder consent, and will result in three Discover board members joining the Capital One board of directors.
