Capital One Receives Final Approval to Acquire Discover Financial Services

By Tamara Parker • Monday, April 21 10:02 • Permanent Link

Capital One Financial Corporation (NYSE: COF) has received final regulatory approvals for its acquisition of Discover Financial Services (NYSE: DFS). The board of governors of the Federal Reserve System and the Office of the Comptroller of the Currency have both approved the proposed acquisition, following approval by the Delaware State Bank Commissioner in December 2024 and by shareholders of over 99 percent of each company’s shares in February 2025.

The transaction is expected to close on May 18, 2025, subject to the satisfaction of customary closing conditions. Capital One's founder, chairman, and CEO, Richard Fairbank, expressed gratitude to the thousands of associates across both companies and emphasized the significance of bringing the two companies together.

Upon closing, Capital One will implement a historic, five-year Community Benefits Plan (CBP) in partnership with leading community organizations, mobilizing over $265 billion in lending, investment, and services to advance economic opportunity and financial well-being across the United States.

There will be no immediate changes to Capital One and Discover customer accounts and relationships now or in the period immediately following the closing of the transaction. Capital One will provide customers with comprehensive information regarding relevant conversion activities well in advance of any future change. Until then, customers will continue to be served through their respective Capital One and Discover customer communications channels.

The combination of the two companies is expected to increase competition in payment networks, offer a wider range of products to customers, increase resources devoted to innovation and security, and bring meaningful community benefits, according to Michael Shepherd, interim CEO and president of Discover.

Further information on Capital One’s agreement to acquire Discover Financial Services can be found at www.capitalonediscover.com. Today the company's shares have moved 3.2% to a price of $164.71. Check out the company's full 8-K submission here.

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