Capital One Financial Corporation (NYSE: COF) announced that it has completed its acquisition of Discover Financial Services.
Richard D. Fairbank, Founder and CEO of Capital One said:
“This deal brings together two innovative, mission-driven companies that together are poised to deliver breakthrough products and experiences to consumers, businesses, and merchants.”
Fairbank added:
“I am particularly grateful for the leadership and partnership of Discover’s Board of Directors, its Executive Management Committee, and interim CEO Michael Shepherd. Their advocacy for Discover and its customers, and our shared commitment to a successful closing were instrumental in achieving today’s milestone. Through the efforts of thousands of associates across Capital One and Discover, we are well-positioned to continue our quest to change banking for good for millions of customers.”
Capital One announced “on February 19, 2024, that it had entered into a definitive agreement to acquire Discover.”
The acquisition was approved “by the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency on April 18, 2025, and by the Delaware State Bank Commissioner on December 18, 2024. Stockholders of Capital One and Discover voted in favor of the deal on February 18, 2025.”
In connection with the acquisition, Capital One “expanded its Board of Directors from 12 to 15 and appointed Thomas G. Maheras, Michael Shepherd, and Jennifer L. Wong, each a member of Discover’s former Board of Directors, to serve on the Capital One Board of Directors.”
At this time, Capital One and Discover customer accounts and banking relationships “remain unchanged.”
Customers will be provided with “information in advance of any forthcoming changes.”
Until then, customers do not need to take “any action and will continue to be served through their respective Capital One and Discover customer tools and channels.”
Capital One intends to continue to “offer Discover credit card products as Discover-branded cards alongside the other consumer cards currently offered by Capital One.”
The Discover, PULSE, and Diners Club International networks will join our suite of offerings.
Capital One is committed to investing in local communities and “expanding economic and financial opportunity.”
Implementation of Capital One’s $265 billion Community Benefits Plan, developed in connection with the acquisition and in partnership with community organizations, will also “now begin, mobilizing funding and support to advance lending, investment, and services to strengthen economic opportunity and financial well-being across America.”
Wachtell, Lipton, Rosen & Katz served “as legal advisor, Cleary Gottlieb served as co-antitrust legal advisor, and Centerview Partners LLC served as financial advisor to Capital One.”
Sullivan & Cromwell LLP served “as legal advisor and PJT Partners and Morgan Stanley & Co. LLC served as financial advisors to Discover.”
As covered, Capital One Financial Corporation is a financial holding company which, along “with its subsidiaries, had $367.5 billion in deposits and $493.6 billion in total assets as of March 31, 2025.”
Headquartered in McLean, Virginia, Capital One offers a spectrum of financial products and services “to consumers, small businesses and commercial clients through a variety of channels.”
Capital One, N.A. has branches and Cafés located “primarily in New York, Louisiana, Texas, Maryland, Virginia and the District of Columbia.”