Finance
Capital One to Buy Discover for $35 Billion in Top 2024 Deal
- All-stock deal subject to shareholder, regulatory approvals
- Price represents 26.6% premium to Discover’s Feb. 16 close
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 swap 1.0192 of its own shares for each Discover share, a 26.6% premium over the Feb. 16 closing price, the McLean, Virginia-based company said in a statement. The transaction, first reported by Bloomberg News, is expected to be completed in late 2024 or early 2025, assuming it can pass antitrust reviews and win shareholder approvals.