Capital One said Sunday that it has finalised its over $35 billion acquisition of Discover Financial Services, forming one of the largest U.S.-based credit card and payments companies.
Capital One Completes Discover Acquisition
Under the terms of the deal, announced in February 2024, Discover shareholders received 1.0192 Capital One shares for each Discover share, representing a 26.6% premium.
“This deal brings together two innovative, mission-driven companies that together are poised to deliver breakthrough products and experiences,” said Capital One CEO Richard Fairbank.
“We are well-positioned to continue our quest to change banking for good for millions of customers.”
The merger adds Discover’s global payments network—accepted at 70 million merchants in over 200 countries—to Capital One’s existing capabilities. The combined company serves over 100 million customers.
Three former Discover directors, including interim CEO Michael Shepherd, have joined Capital One’s board.
For now, the company said customer accounts and services will remain unchanged, with both brands continuing to operate separately.
Capital One intends to maintain Discover-branded cards alongside its existing offerings and retain Discover’s payment networks, including PULSE and Diners Club International.
