Capital One Is Buying Discover Financial for $35 Billion
Published on February 20, 2024
Capital One Financial has agreed to buy Discover Financial for $35.3 billion in an all-stock transaction, which the companies confirmed in a press release on Feb. 19. The purchase will likely shake up a payments industry largely dominated by Visa and Mastercard, bringing together two of the largest credit card companies in the United States to create the biggest in the nation. Virginia-headquartered Capital One is valued at about $52 billion and is the fourth largest player in the U.S. credit card market by volume as of 2022, according to Nilson. Riverwoods, Illinois-based Discover has a market value of nearly $28 billion and is the sixth-largest U.S. credit card player with a network of around 305 million global cardholders....