Capital One Financial is set to acquire Discover Financial Services in an all-stock deal valued at $35.3 billion, the two companies announced on Monday.The deal — first reported by the The Wall Street Journal — would merge two of the largest credit-card issuers in the US.
Warren Buffett-backed Capital One, a bank that issues credit cards, serves more than 100 million customers, according to its website.Meanwhile, Discover is coming off of a difficult year in which compliance lapses found in an internal review led to the resignation of its CEO. The credit card company reported a 62% drop in Q4 profits and currently carries a market value of around $27.63 billion, with shares down nearly 2% for the year.
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