NEW YORK (AP) — 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.
Discover Financial shareholders will receive Capital One shares valued at nearly $140, according to a news release issued by the companies Monday. Discover shares closed Friday trading at $110.49. Virginia-based Capital One was the 12th largest U.S. bank as of the third quarter. Illinois-based Discover was the 33rd biggest. Both banks have benefitted from Americans increasingly using their credit cards, but have also needed to set aside more money to guard against defaults.
(Copyright 2024 WBAP/KLIF 24/7 News. This Report Contains Material From The Associated Press.)
