Capital One Financial to Buy Discover Financial Service for $35.3B
The post Capital One Financial to Buy Discover Financial Service for $35.3B appeared on BitcoinEthereumNews.com.
As per the recent reports of CNBC, leading financial giant Capital One Financial, is set to purchase Discover Financial Services for $35.3 Billion. The deal between the firms is an all-stock deal, in which the firm’s shareholders will get 1.0192 Capital One shares for every Discover share or about a 26% premium from Discover’s Friday’s closing price of $110.49. Capital One Financial clarified that the deal will come into full swing at the end of 2024 and the beginning of 2025. After the agreement, Discover shareholders would hold 40%, and Capital One shareholders would likely have 60% of the merged companies. The acquisition deal between the leading credit card issuers will help Capital One Financial expand its global credit card services. According to the data available on Crunchbase, Capital One has acquired more than 29 companies since July 2023, and its significant investment includes Velocity Black, TripleTree, Lola.com, Freebird, KippsDeSanto & Co, United Income, BlueTrap Financial, Jewel Commerce, Wikibuy and Confyrm including few others. However, Capital One Financial has invested in more than 20 companies, and some of its significant investments are OfferFit, Green Mineral, EquipmentShare, Duke Energy Renewables, TradLinx Co, AvTech Capital and SimpliSafe, and many others. Capital One Financial claims to be serving more than 100 Million users. However, the firm has not reported the figures. Some companies still need help with older and traditional banking systems, but some leading firms have entered the cryptocurrency sector to explore new opportunities. Since the crypto market’s evolution, dozens of lenders have entered the market and served several companies. However, it is essential to note that few lenders filed for bankruptcy during the disastrous market phase during crypto winters and the FTX collapse. Crypto Market Update Overall crypto market cap has crossed the much-awaited milestone of $2 Trillion. When writing, the…
Filed under: News - @ February 20, 2024 4:18 pm