Capital One Financial Corporation (NYSE: COF) and Discover Financial Services (NYSE: DFS) announced that they have received final regulatory approvals for Capital One’s proposed acquisition of Discover. The transaction is expected to close on May 18, 2025.
Upon closing, Capital One will begin implementation of 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.
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.
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.
The approval of the transaction follows the approval of the Delaware State Bank Commissioner in December 2024 and by shareholders of more than 99 percent of each company’s shares voting in February of this year.
Richard Fairbank, founder, chairman, and CEO of Capital One, expressed gratitude to the thousands of associates across Capital One and Discover who have worked tirelessly to achieve this significant milestone.
Michael Shepherd, interim CEO and president of Discover, also emphasized the positive impact of the combination, stating that it will bring meaningful community benefits.
More 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 3.4% to a price of $165.02. Check out the company's full 8-K submission here.
