Current:Home > StocksCapital One is acquiring Discover in a deal worth $35 billion -FutureFinance
Capital One is acquiring Discover in a deal worth $35 billion
View
Date:2025-04-18 16:28:41
Capital One is buying Discover Financial in a deal worth $35.3 billion, the financial institution said Monday.
Capital One shareholders will own 60% of the newly merged company, while Discover shareholders will own 40% of the company.
The acquisition allows both companies to improve their technology and expand their payment networks, Capital One CEO Richard Fairbank said.
Discover is accepted at 70 million merchants across 200 countries and territories, yet has the least reach out of the four U.S.-based payment networks, which also include Visa, Mastercard and American Express.
"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," Fairbank said.
Three of Discover's board members, who have yet to be named, will join Capital One's board of directors.
"This agreement underscores the strength of our business and is a testament to the hard work of Discover employees," Discover CEO Michael Rhodes said. "We look forward to a bright future as part of the Capital One family and to providing expanded opportunities for our loyal customers."
veryGood! (9)
Related
- Moving abroad can be expensive: These 5 countries will 'pay' you to move there
- House to send Mayorkas impeachment articles to Senate on April 10, teeing up clash over trial
- Traffic deaths rise in U.S. cities despite billions spent to make streets safer
- 'Ernie Hudson doesn't age': Fans gush over 78-year-old 'Ghostbusters' star
- Average rate on 30
- Opening day 2024: What to watch for on the first full day of the MLB season
- Warriors' Draymond Green says he 'deserved' early ejection; Steph Curry responds
- 'Ernie Hudson doesn't age': Fans gush over 78-year-old 'Ghostbusters' star
- Newly elected West Virginia lawmaker arrested and accused of making terroristic threats
- Georgia joins states seeking parental permission before children join social media
Ranking
- Who's hosting 'Saturday Night Live' tonight? Musical guest, how to watch Dec. 14 episode
- After Baltimore bridge tragedy, how safe is commercial shipping? | The Excerpt
- After 34 years, girlfriend charged in man's D.C. murder
- Dali crew still confined to ship − with no internet. They could be 'profoundly rattled.'
- US wholesale inflation accelerated in November in sign that some price pressures remain elevated
- Tennessee politicians strip historically Black university of its board
- Former gym teacher at Christian school charged with carjacking, robbery in Grindr crimes
- ASTRO COIN:Bitcoin supply demand
Recommendation
Skins Game to make return to Thanksgiving week with a modern look
Ex-Caltrain employee and contractor charged with building secret homes with public funds
Former US Sen. Joe Lieberman and VP candidate to be remembered at hometown funeral service
I screamed a little bit: Virginia woman wins $3 million with weeks-old Mega Millions ticket
Friday the 13th luck? 13 past Mega Millions jackpot wins in December. See top 10 lottery prizes
Run to Loungefly's Spring Sale for Up to 70% Off on Themed Merch from Disney, Harry Potter & More
White House orders federal agencies to name chief AI officers
Louis Gossett Jr., 1st Black man to win supporting actor Oscar, dies at 87