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Capital One Financial is set to acquire Discover Financial Services, according to a report by The Wall Street Journal. The newspaper said, citing sources, that the deal may be announced on Tuesday.
A merger of the two companies, which are among the largest credit card issuers in the United States, would expand Capital One's credit card offerings. This news comes on the back of a Bloomberg News report on Monday Capital One He was considering a takeover.
The deal is Capital One's latest acquisition to build out its credit card services. The company purchased a digital concierge service Black speeda platform for premium credit cards and luxury products marketplace, was founded in June last year.
Shares of Discover fell 1.7% over the year, giving the company a market cap of $27.63 billion. Capital One has a market cap of $52.2 billion and the company's shares will rise 4.6% in 2024.
The Capital One-Discover merger will be one of the largest deals announced so far this year. Synopsys announced a deal to buy Ansys for $35 billion in January, and a $26 billion deal for Diamondback Energy to buy private oil and gas production company Endeavor Energy was announced in February. 12.
Read the full story here: Capital One is buying Discover Financial, sources say
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