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Skip to contentSkip to site index Search & Section Navigation Section Navigation SEARCH Business SUBSCRIBE FOR A$0.50/WEEKLog in Monday, February 19, 2024 Today’s Paper SUBSCRIBE FOR A$0.50/WEEK Business|Capital One to Acquire Discover in $35.3 Billion Deal https://www.nytimes.com/2024/02/19/business/capital-one-discover-merger.html * Share full article * * Advertisement SKIP ADVERTISEMENT Supported by SKIP ADVERTISEMENT CAPITAL ONE TO ACQUIRE DISCOVER IN $35.3 BILLION DEAL The acquisition, which is subject to regulatory approval, will combine two of the largest credit card companies in the United States. * Share full article * * * Read in app Acquiring Discover will give Capital One access to a new credit card network of 305 million cardholders.Credit...John Taggart for The New York Times By Lauren Hirsch and Emma Goldberg Feb. 19, 2024Updated 8:14 p.m. ET Capital One announced on Monday that it would acquire Discover Financial Services in an all-stock transaction valued at $35.3 billion, a deal that would merge two of the largest credit card companies in the United States. “A space that is already dominated by a relatively small number of megaplayers is about to get a little smaller,” said Matt Schulz, chief credit analyst at LendingTree. Capital One, with $479 billion in assets, is one of the nation’s largest banks, and it issues credit cards on networks run by Visa and Mastercard. Acquiring Discover will give it access to a credit card network of 305 million cardholders, adding to its base of more than 100 million customers. The country’s four major networks are American Express, Mastercard, Visa and Discover, which has far fewer cardholders than its competitors. As part of the acquisition, Capital One will pay Discover shareholders a 26 percent premium based on the company’s closing stock price on Friday. At the close of the deal, which is subject to regulatory approval and is expected in late 2024 or early 2025, Capital One shareholders will own approximately 60 percent of the combined company and Discover shareholders will own the rest. Advertisement SKIP ADVERTISEMENT Discover was valued at about $28 billion when the market closed on Friday, and Capital One was valued at about $52 billion. “Our acquisition of Discover is a singular opportunity to bring together two very successful companies with complementary capabilities and franchises, and to build a payments network that can compete with the largest payments networks and payments companies,” Richard Fairbank, founder, chairman and chief executive of Capital One, said in the statement. Subscribe to The Times to read as many articles as you like. Lauren Hirsch joined The Times from CNBC in 2020, covering deals and the biggest stories on Wall Street. More about Lauren Hirsch Emma Goldberg is a business reporter covering workplace culture and the ways work is evolving in a time of social and technological change. More about Emma Goldberg A version of this article appears in print on Feb. 20, 2024, Section B, Page 2 of the New York edition with the headline: Deal Underway For Capital One To Buy Discover. Order Reprints | Today’s Paper | Subscribe * Share full article * * * Read in app Advertisement SKIP ADVERTISEMENT SITE INDEX SITE INFORMATION NAVIGATION * © 2024 The New York Times Company * NYTCo * Contact Us * Accessibility * Work with us * Advertise * T Brand Studio * Your Ad Choices * Privacy Policy * Terms of Service * Terms of Sale * Site Map * Canada * International * Help * Subscriptions Enjoy unlimited access to all of The Times. See subscription options