Capital One Financial Corporation (NYSE: COF) and Discover Financial Services (NYSE: DFS) have received final regulatory approvals for Capital One's proposed acquisition of Discover. The transaction, which is expected to close on May 18, 2025, has received approval from the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency.
Upon closing, Capital One will begin implementing its historic, five-year Community Benefits Plan (CBP), which involves mobilizing more than $265 billion in lending, investment, and services to advance economic opportunity and financial well-being across America.
The acquisition is expected to bring about significant changes, including an increase in competition in payment networks, a wider range of products for customers, and increased resources devoted to innovation and security.
There will be no immediate changes to Capital One and Discover customer accounts and relationships immediately following the closing of the transaction. However, Capital One will provide customers with comprehensive information regarding relevant conversion activities well in advance of any future changes.
The combination of the two companies is poised to deliver meaningful community benefits, with a profound sense of possibility and responsibility to deliver for customers, associates, shareholders, and communities.
For further information on Capital One's agreement to acquire Discover Financial Services, individuals can visit www.capitalonediscover.com. Following these announcements, the company's shares moved 2.1%, and are now trading at a price of $159.63. Check out the company's full 8-K submission here.
