Posted 2/21/2024, 11:51:23 AM
Capital One to Acquire Discover in $35 Billion Deal, Aiming to Compete with Visa and Mastercard
- Capital One is acquiring Discover in a $35 billion all-stock deal to become the largest US card issuer and compete with Visa and Mastercard in payments processing
- The merger could lead to better service, airport lounges, and lucrative perks for Capital One's premium cardholders
- Capital One aims to leverage Discover's high credit quality customers and payment network to build a competitor to Visa and Mastercard
- The deal is expected to close late 2022 or early 2023, pending regulatory approval
- Passage of a bipartisan bill to increase competition in payments processing would present significant growth opportunities for the combined Capital One/Discover