Capital One Financial Corp. (NYSE: COF) and Discover Financial Services (NYSE: DFS) have announced a definitive agreement for Capital One to acquire Discover in an all-stock transaction valued at $35.3 billion. This strategic move is expected to create a leading financial services company with enhanced scale, product offerings and customer reach. The combined entity will leverage the strengths of both organizations to drive innovation, enhance customer experiences and deliver greater value to shareholders.
According to the press release, the acquisition is subject to customary closing conditions, including regulatory approvals and approval by Discover’s shareholders. Both companies’ boards of directors have unanimously approved the transaction, which is anticipated to close in the second half of 2024. The deal is expected to be accretive to Capital One’s earnings per share and to generate significant cost synergies.
“This combination brings together two customer-centric companies with complementary strengths, creating a powerhouse in the financial services industry,” Richard D. Fairbank, Chairman and CEO of Capital One, stated in the news release. “We are excited about the opportunities this acquisition presents to deliver enhanced value to our customers, communities, and shareholders.”
To view the full press release, visit https://ibn.fm/cMji3
About Capital One
Capital One Financial Corp. is a financial holding company which, along with its subsidiaries, had $348.4 billion in deposits and $478.5 billion in total assets as of December 31, 2023. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches and Cafés located primarily in New York, Louisiana, Texas, Maryland, Virginia and the District of Columbia. For more information, visit the company’s website at www.CapitalOne.com
About CurrencyNewsWire
CurrencyNewsWire (“CNW”) is a state-of-the-art digital hub that aggregates and disseminates news and information covering the fast-moving financial markets. It is one of 60+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. CNW covers companies, currencies and events that impact traditional fiat currencies and their market dynamics; cryptocurrencies, blockchain technologies and digital assets; the Federal Reserve’s policies and their influence on financial markets; global economic and monetary trends and their far-reaching influence; regulatory changes and their implication; as well as banking, finance, financial innovations, and investment strategies. CNW is the central platform for understanding the multifaceted world of currencies and finance
To receive SMS text alerts from CurrencyNewsWire, text “Currency” to 888-902-4192 (U.S. Mobile Phones Only)
For more information, please visit https://www.CurrencyNewsWire.com
Please see full terms of use and disclaimers on the CurrencyNewsWire website applicable to all content provided by CNW, wherever published or re-published: https://www.CurrencyNewsWire.com/Disclaimer
CurrencyNewsWire
Los Angeles, CA
www.CurrencyNewsWire.com
310.299.1717 Office
Editor@CurrencyNewsWire.com
CurrencyNewsWire is powered by IBN
