Capital One is purchasing Discover Financial Services for $35.3 billion, the banking giant announced Monday - an all-stock deal that brings together two of the country's largest credit card companies. The two financial giants combined would become the biggest credit card lender in the nation, according to data compiled by Bloomberg Intelligence. Discover, based in Riverwoods, Ill., has a market value of nearly $28 billion, while McLean, Va.-based Capital One is valued at about $52 billion. Under the deal's terms, Discover shareholders will receive a little over one share of Capital One for every Discover share they own - a 26.6 percent premium from Discover's closing share price of $110.49 on Friday. https://www.washingtonpost.com/business/2024/02/19/capital-one-discover-merger/

Source: Washington Post February 20, 2024 06:40 UTC