Capital One in its $35.3 billion acquisition of Discover

On February 19, 2024, Capital One Financial Corporation (NYSE: COF) and Discover Financial Services (NYSE: DFS) announced that they have entered into a definitive agreement under which Capital One will acquire Discover in an all-stock transaction valued at $35.3 billion, creating a premier global payments technology company.  Under the terms of the agreement, Discover shareholders will receive 1.0192 Capital One shares for each Discover share, representing a premium of 26.6% based on Discover’s closing price on February 16, 2024.

Wachtell, Lipton, Rosen & Katz is serving as legal advisor to Capital One.