02/20/2024

Capital One to Acquire Discover

The all-stock transaction is valued at $35.3 billion

Capital One Financial Corporation and Discover Financial Services yesterday announced they have entered into a definitive agreement under which Capital One will acquire Discover in an all-stock transaction valued at $35.3 billion.

The transaction brings together two companies with long-standing track records of delivering attractive and resilient financial results, award-winning customer experiences, breakthrough innovation, and financial inclusion.

Under the terms of the agreement, Discover shareholders will receive 1.0192 Capital One shares for each Discover share, representing a premium of 26.6 percent based on Discover's closing price of $110.49 on Feb. 16, 2024. At close, Capital One shareholders will own approximately 60 percent and Discover shareholders will own approximately 40 percent of the combined company.

Please select this link to read the complete press release from Capital One.