Discover Financial Stock Surges 14% on Capital One’s Acquisition

Discover Financial Stock Surges 14% on Capital One’s Acquisition Feb. 20, 2024, 11:51 a.m., readers: 16

Capital One Financial Corporation (NYSE:COF) and Discover Financial Services (NYSE: DFS) have officially announced their agreement for Capital One to acquire Discover through an all-stock deal valued at $35.3 billion. As a result, shares of Discover shares jumped more than 14% pre-market today. This merger unites two renowned companies recognized for their strong financial performance, award-winning customer service, innovative breakthroughs, and commitment to financial inclusion. Upon the completion of the transaction, Capital One and Discover shareholders are expected to hold about 60% and 40% stakes, respectively, in the newly formed company.

About NYSE: COF

C apital One Financial Corporation operates as the financial services holding company for the Capital One Bank (USA), National Association; and Capital One, National Association, which provides various financial products and services in the United States, Canada, and the United Kingdom. It operates through three segments: Credit Card, Consumer Banking, and Commercial Banking.

Price: 136.41
Market cap: 52.1 billion USD
Eps: 11.96
P/e ratio: 11.41
Focus Analysis On: COF