Stay Curious. Stay Connected.
MailNewsletters♡Donate Now
Sign up
*Password must be at least 8 characters and contain one uppercase letter, one lowercase letter, one number and one symbol.
Already have an account?
By submitting, you consent that you are at least 18 years of age and to receive information about MPR's or APMG entities' programs and offerings. The personally identifying information you provide will not be sold, shared, or used for purposes other than to communicate with you about MPR, APMG entities, and its sponsors. You may opt-out at any time clicking the unsubscribe link at the bottom of any email communication. View our Privacy Policy.
Sign in to your profile
Forgot Password?
New to MPR News?
Welcome back
to news
for you
Reset Password

Enter the username on file and we'll send you a code to reset your password.

Still require assistance or not sure what your User Name is?
Welcome back
to news
for you
Email Verification

A verification code has been emailed to

Still awaiting the code?
Business and Economic News
Ayana Archie, NPR

Capital One is acquiring Discover in a deal worth $35 billion

Go Deeper.

Create an account or log in to save stories.

Log inCreate a free Account

Like this?

Thanks for liking this story! We have added it to a list of your favorite stories.

Show me!
The logo for Capital One Financial is displayed above a trading post on the floor of the New York Stock Exchange, July 30, 2019. Capital One Financial is buying Discover Financial Services for $35 billion, in a deal that would bring together two of the nation's biggest lenders and credit card issuers, according to a news release issued by the companies Monday, Feb. 19, 2024.
The logo for Capital One Financial is displayed above a trading post on the floor of the New York Stock Exchange, July 30, 2019. Capital One Financial is buying Discover Financial Services for $35 billion, in a deal that would bring together two of the nation's biggest lenders and credit card issuers, according to a news release issued by the companies Monday, Feb. 19, 2024.
Richard Drew/AP

Capital One is buying Discover Financial in a deal worth $35.3 billion, the financial institution said Monday.

Capital One shareholders will own 60 percent of the newly merged company, while Discover shareholders will own 40 percent of the company.

The acquisition allows both companies to improve their technology and expand their payment networks, Capital One CEO Richard Fairbank said.

Discover is accepted at 70 million merchants across 200 countries and territories, yet has the least reach out of the four U.S.-based payment networks, which also include Visa, Mastercard and American Express.

"Through this combination, we're creating a company that is exceptionally well-positioned to create significant value for consumers, small businesses, merchants, and shareholders as technology continues to transform the payments and banking marketplace," Fairbank said.

Three of Discover's board members, who have yet to be named, will join Capital One's board of directors.

"This agreement underscores the strength of our business and is a testament to the hard work of Discover employees," Discover CEO Michael Rhodes said. "We look forward to a bright future as part of the Capital One family and to providing expanded opportunities for our loyal customers."

Copyright 2024 NPR. To see more, visit https://www.npr.org.