The pending merger between Capital One and Discover Financial services received approval from several regulators Friday, bringing the $35 billion tie-up closer to completion.
Capital One and Discover Financial Services said Friday (April 18) that they have received all required regulatory approvals to complete Capital One's proposed acquisition of Discover.
Federal regulators approved Capital One's (COF) bid to become America's largest credit card lender, signing off on the company's purchase of Discover (DFS) on Friday.
The deal joins two of the largest credit card companies that aren't banks first, like JPMorgan and Citi, with the notable exception of American Express.
Capital One Financial's application to acquire Discover Financial Services has officially been approved by the Federal Reserve Board and the Office of the Comptroller of the Currency. Capital One announced plans to acquire Discover in an all-stock transaction valued at $35.3 billion in February 2024.
The deal expands Capital One's reach and gives it a card network.
Looking beyond Wall Street's top -and-bottom-line estimate forecasts for Capital One (COF), delve into some of its key metrics to gain a deeper insight into the company's potential performance for the quarter ended March 2025.
Higher NII and fee income are likely to support COF's first-quarter 2025 results, while higher expenses and provisions are likely to weigh on it.
Capital One (COF) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Capital One (COF) witnessed a jump in share price last session on above-average trading volume. The latest trend in earnings estimate revisions for the stock doesn't suggest further strength down the road.
A $35 billion merger between Capital One and Discover that would make Capital One the nation's largest credit card issuer cleared a major regulatory hurdle this week, according to multiple outlets, as the Justice Department told antitrust officials it did not find reasons to block the deal, paving the way for a potentially historic shakeup of the American credit card space.
The Justice Department reportedly told financial regulators that it didn't have sufficient evidence to block the proposed merger between Capital One and Discover. This decision would allow the two banking regulators that must approve the deal — the Federal Reserve and the Office of the Comptroller of the Currency — to approve the transaction, Bloomberg reported Thursday (April 3).