Capital One Financial Corp. has plans to acquire Discover Financial Services in an all-stock transaction valued at $35.3 billion.
“From Capital One’s founding days, we set out to build a payments and banking company powered by modern technology,” said Richard Fairbank, founder, chairman and CEO of Capital One. “Our acquisition of Discover is a singular opportunity to bring together two very successful companies with complementary capabilities and franchises, and to build a payments network that can compete with the largest payments networks and payments 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.”
Michael Rhodes, CEO and president of Discover, said, “The transaction with Capital One brings together two strong brands with enhanced ability t
