April 24th, 2024

Capital One to buy Discover for $35 billion in deal that combines major US credit card companies

By The Associated Press on February 19, 2024.

NEW YORK (AP) – Capital One Financial is buying Discover Financial Services for $35 billion, in a deal that would bring together two of the nation’s biggest lenders and credit card issuers.

Discover Financial shareholders will receive Capital One shares valued at nearly $140, according to a news release issued by the companies Monday. Discover shares closed Friday trading at $110.49.

Virginia-based Capital One was the 12th largest U.S. bank as of the third quarter, with $471.4 billion in total assets and $346 billion in deposits, according to S&P Global. Illinois-based Discover was the 33rd biggest, with $143.4 billion in assets and $104 billion in deposits.

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