Tuesday, February 20th, 2024We begin a new holiday-shortened trading week today with pre-market futures slightly down overall. Traders and investors continue to come to grips with what these higher-than-expected CPI and PPI numbers from last week mean, if they in fact mean anything (they could be a temporary seasonal wrinkle to be ironed out over time). The Dow, S&P 500 and Nasdaq are all trading -0.3% or thereabout at this hour. The last week of trading has presented similar challenges, though the S&P rema ...

Capital One (COF) has inked an agreement to acquire Discover Financial Services (DFS) in an all-stock transaction valued at $35.3 billion. This strategic move is poised to reshape the landscape of the credit card industry, create a behemoth in the industry and unlock substantial value for shareholders while raising questions about regulatory scrutiny and competitive dynamics within the market.In pre-market trading, shares of COF are down 4.5%, while DFS has jumped 13.5%.The deal, expected to close in late 2 ...

In a move set to reshape the landscape of the U.S. financial sector, Capital One (COF) , backed by Warren Buffett, announces its plans to acquire Discover Financial Services. The all-stock transaction, valued at $35.3 billion, aims to establish a global payment giant. The deal, if approved by regulators, would create the sixth-largest U.S. bank by assets and a U.S. credit card behemoth that would compete with rivals JPMorgan Chase and Citigroup, per Reuters.Enhancing Competitiveness in Global PaymentsDespit ...

Two of the US’s largest credit card companies are set to merge in a deal to create a giant financial powerhouse worth around US$35bn. Capital One has offered to buy Discover Financial Services (NYSE:DFS) in an all-share transaction to form the sixth-largest US bank by assets and a rival to JPMorgan Chase and Citigroup. Combined, the company will also be number one in the highly concentrated US credit card industry, Visa and Mastercard dominate the credit card landscape worldwide but getting to a scale where ...

This article has been reviewed according to Science X's editorial process and policies . Editors have highlighted the following attributes while ensuring the content's credibility: According to Capital One the deal to acquire Discover is expected to close in late 2024 or early 2025. US banking giant Capital One announced Monday it will acquire financial services company Discover in a $35.3 billion all-stock deal combining two of America's major credit card firms. Under the deal, Discover shareholders wil ...

Capital One Financial Corp. intends to purchase Discover Financial Services in an all-stock deal that one analyst notes would “effectively create the largest card issuer in the U.S.” Capital One COF, +0.64% announced the deal late Monday after various outlets reported that a transaction was near. Discover DFS, -0.21% shareholders would receive 1.0192 Capital One shares for each Discover share, which would represent a more than 26% premium to Discover’s Friday close of $110.49.The companies said the transact ...

Key TakeawaysCapital One shares will come into focus Tuesday after the credit services giant announced a $35.3 billion all-stock acquisition of smaller rival Discover Financial Services.Under the terms of the deal, Discover shareholders will receive 1.0192 Capital One shares for each Discover share, representing a 26.6% premium to Discover's Friday $110.49 closing price.Capital One expects the merger to generate expense and network synergies of $1.5 billion and $1.2 billion, respectively, by 2027.COF shares ...

Key TakeawaysCapital One announced an agreement to acquire Discover Financial for $35.3 billion in an all-stock deal that would create a payments giant serving over 100 million customers.The purchase price represents a 26.6% premium to Discover's closing share price on Friday.At the close of the transaction, Capital One shareholders will own about 60% of the combined company.Capital One said the acquisition will enable the combined company to build a payments network that competes with the largest payments ...

NEW YORK/WASHINGTON — Capital One, a US consumer lender backed by Warren Buffett, said on Monday that it will acquire credit card issuer Discover Financial Services in an all-stock transaction valued at $35.3 billion.The tie-up, which will combine two of the largest US credit card companies, aims at building “a payments network that can compete with the largest payments networks and payments companies,” Richard Fairbank, chairman and CEO of Capital One, said in a statement.Visa, Mastercard, and American Ex ...

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