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Capital One To Acquire Discover
Discover Financial Services (NYSE: DFS) and Capital One Financial Corporation (NYSE: COF) have jointly declared the completion of a definitive agreement for the acquisition of Discover by Capital One in an all-stock transaction with a combined value of $35.3 billion.
Two organizations with a history of producing favorable and resilient financial outcomes, exceptional customer experiences, ground-breaking innovation, and financial inclusion are joined in this transaction.
As per the stipulations of the agreement, Discover shareholders shall be entitled to 1.0192 Capital One shares in exchange for each Discover share, which signifies a 26.6% increase over the stock's closing price of $110.49 on February 16, 2024. Approximately 60% of the combined company will be owned by Capital One shareholders at the time of closing, while Discover shareholders will possess approximately 40%.
"From our inception, Capital One endeavored to establish a payments and banking institution that operated on cutting-edge technology. Richard Fairbank, founder, chairman, and CEO of Capital One, stated, "Our acquisition of Discover ...
... is a unique opportunity to unite two extremely successful companies with complementary capabilities and franchises, and to construct a payments network that can compete with the largest payments networks and companies." "Through this combination, we're creating a company that is exceptionally well-positioned to create significant value for consumers, small businesses, merchants, and shareholders as technology continues to transform the payments and banking marketplace."
"The transaction with Capital One brings together two strong brands with enhanced ability to accelerate growth and maximizes value for our shareholders, enabling them to participate in the tremendous upside of the combined company," said Michael Rhodes, chief executive officer and president of Discover. "This agreement serves to emphasize the robustness of our organization and recognizes the diligent efforts of our Discover staff. We anticipate a prosperous future in our capacity as members of the Capital One family and are committed to offering greater prospects for our devoted clientele.
More Information : https://bit.ly/3OScvgt
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