M&A Deal Summary

Capital One Acquires Discover

On February 19, 2024, Capital One acquired financial services company Discover for 35.3B USD

Acquisition Highlights
  • This is Capital One’s 14th transaction in the Financial Services sector.
  • This is Capital One’s largest (disclosed) transaction.
  • This is Capital One’s 22nd transaction in the United States.
  • This is Capital One’s 1st transaction in Illinois.

M&A Deal Summary
Date 2024-02-19
Target Discover
Sector Financial Services
Buyer(s) Capital One
Deal Type Add-on Acquisition
Deal Value 35.3B USD
Advisor(s) PJT Partners, Inc.
Morgan Stanley (Financial)
Sullivan & Cromwell (Legal)

Target

Discover

Riverwoods, Illinois, United States
Discover Financial's corporate headquarters in Riverwoods, Illinois.
Discover Financial's corporate headquarters in Riverwoods, Illinois.
Discover is a direct banking and payment services company with one of the most recognized brands in U.S. financial services. The Company issues the Discover card and offers home loans, private student loans, personal loans, home equity loans, checking and savings accounts, certificates of deposit and money market accounts through its direct banking business. Discover was founded in 1960 and is incorporated in Riverwoods, Illinois.

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Buyer(S) 1

Buyer

Capital One

McLean, Virginia, United States
Category Company
Founded 1988
Sector Financial Services
Employees56,100
Revenue 36.8B USD (2023)
DESCRIPTION
Capital One's headquarters in McLean, Virginia.
Capital One's headquarters in McLean, Virginia.

Capital One Financial is a diversified financial services holding company with banking and non-banking subsidiaries. Capital One Financial Corporation and its subsidiaries offer a broad array of financial products and services to consumers, small businesses and commercial clients through branches, the internet and other distribution channels. Capital One was incorporated in 1988 and is based in McLean, Virginia.

DEAL STATS #
Overall 23 of 23
Sector (Financial Services) 14 of 14
Type (Add-on Acquisition) 19 of 19
State (Illinois) 1 of 1
Country (United States) 22 of 22
Year (2024) 1 of 1
Size (of disclosed) 1 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-31 United Income

Washington, District of Columbia, United States

United Income is an online investment management and financial planning company. United Income's money management solution aims to extend the life and potential of money by utilizing new data and technology. United Income was founded in 2016 and is based in Washington, District of Columbia.

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