Capital One to Acquire Discover in $35 Billion Deal to Create Payments Giant
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Capital One is acquiring Discover in an all-stock $35.3 billion deal that still needs regulatory approval. If approved, it could close in late 2024 or early 2025.
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The acquisition would allow Capital One to build a global payments network by integrating Discover's existing network.
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Combining forces would also let the companies join their credit card businesses and scale their banking services.
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The deal likely won't impact customers until 2024/2025. Capital One may switch some cards to Discover's network and keep the Discover brand.
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It's uncertain if Capital One or Discover bank accounts will change. The competitive deposit rates that are part of their brands may remain the same.