Capital One Set to Acquire Discover in Major Credit Card Deal

In an effort to expand its card offerings, Capital One is set to finalize its acquisition of Discover Financial, valuations of $52B and $28B respectively, cementing a powerhouse in consumer credit sector.

Key Insights

  • Capital One in closing talks to acquire credit card issuer Discover Financial per WSJ sources
  • Nearly $80B combined valuation for two of America’s largest consumer credit card providers
  • Would expand Capital One’s card portfolio, customers in consolidating consumer finance deal

Capital One Financial Corp is in advanced talks to acquire credit card issuer Discover Financial Services in a deal that could be announced as early as Tuesday, according to people familiar with the matter.

The potential acquisition, initially reported by the Wall Street Journal citing anonymous sources, would expand Capital One’s roster of credit card products and customers at a time when deals in the financial services sector are on the rise.

Bloomberg News reported on Monday that McLean, Virginia-based Capital One had recently considered making an acquisition, citing people with knowledge of the issue.

Shares of Discover, which has a market capitalization of $27.63 billion, were down 1.7% for the year as of Tuesday, while Capital One’s $52.2 billion market cap was up 4.6% year-to-date in 2024.

Both Discover, based in Greenwood, Delaware, and Capital One rank among top five U.S. credit card issuers, with tens of millions customers holding their Visa and Mastercard branded cards.

The two companies and officials at the U.S. Federal Reserve and Office of the Comptroller declined to comment on the potential buyout talks. Further details of the deal are not yet available.

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