On February 19, Capital One announced it would acquire Discover in an all-stock transaction worth $35.3 billion. Both companies are among the largest credit card issuers in the country while Capital One is the ninth-largest bank in the United States.
While the deal may impact consumers in the future, according to a Capital One press release it won’t close until later this year or early 2025. For now, the companies are awaiting approval from regulators and shareholders, with the deal already attracting scrutiny from policymakers with both major political parties.
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