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Capital One Is Buying Discover Financial for $35 Billion

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https://www.wsj.com/finance/capital-one-is-buying-discover-financial-sources-say-a7c43dd2

 1. Finance


CAPITAL ONE IS BUYING DISCOVER FINANCIAL FOR $35 BILLION


THE DEAL COMBINES TWO OF THE LARGEST CREDIT-CARD COMPANIES IN THE U.S.

By

AnnaMaria Andriotis


and

Lauren Thomas


Updated Feb. 19, 2024 7:29 pm ET

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Credit-card debt hit a record high in 2022, due in part to rising prices and
declining savings. WSJ’s Dion Rabouin explains why U.S. consumers are starting
to fall behind on payments and what it could mean for the economy. Illustration:
Elizabeth Smelov



Capital One
said it will buy
Discover Financial Services DFS 0.21%increase; green up pointing triangle
for more than $35 billion, a deal that will marry two of the largest credit-card
companies in the U.S.



Under the terms of the all-stock deal, Discover shareholders are set to receive
1.0192 Capital One shares for each Discover share, representing a premium of
about 27% based on Discover’s closing price Friday. After the deal closes,
Capital One shareholders will hold roughly 60% of the combined company, with
Discover shareholders owning the rest.

Copyright ©2024 Dow Jones & Company, Inc. All Rights Reserved.
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