Capital One will buy Discover for $35 billion

In a transaction worth $35 billion, Capital One Financial is acquiring Discover Financial Services, uniting two of the largest lenders and credit card issuers in the United States.

According to a joint news release issued by both companies on Monday, Discover Financial shareholders will receive Capital One shares valued at approximately $140 per share. Discover shares concluded Friday's trading at $110.49.

Capital One anticipates that the transaction will be finalized in late 2024 or early 2025.