U.S. Regulator Approves Capital One’s $35 Billion Takeover Of Discover
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A U.S. bank regulator has conditionally approved Capital One's $35.30 billion all-stock acquisition of Discover Financial Services. Announced in February 2024, the deal allows Discover shareholders to receive 1.0192 Capital One shares for each share owned. Post-merger, Capital One shareholders will hold 60% of the new entity. The merger aims to enhance Capital One's market share against competitors like Mastercard and Visa. Capital One's stock has dropped 9% this year, while Discover's has fallen 8%.
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