Capital One Financial has announced its acquisition of Discover Financial Services for $35 billion, a move that will unite two major credit card companies and potentially disrupt the payments industry. This deal, conducted entirely in stock, will see Discover Financial shareholders receiving Capital One shares valued at nearly $140, representing a significant premium to the closing price of Discover shares on Friday.
By bringing together two of the largest non-bank credit card companies, this acquisition will have a notable impact on the market, particularly for customers seeking cash back or modest travel rewards. The merger will also serve to reduce the dominance of major players like Visa and Mastercard, creating a more dynamic landscape for consumers and businesses alike.
For more details, you can read the full article on finance.yahoo.com.
2024-02-19 20:50:08