Capital One buying Uncover Monetary Providers, report says

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Capital One Financial is about to amass Discover Financial Services, in keeping with a report from The Wall Street Journal. The deal could possibly be introduced Tuesday, the outlet stated, citing sources.

Will probably be an all-stock deal and Capital One, which already makes use of Visa and Mastercard networks, plans to maintain the Uncover model, the Wall Avenue Journal stated.

The information comes on the again of a Bloomberg Information report on Monday that Capital One was contemplating an acquisition.

CNBC has reached out for remark from each Capital One and Uncover.

The merger of the 2 corporations, who’re among the many largest bank card issuers within the U.S., would develop Capital One’s credit-card choices. The corporate purchased digital concierge service Velocity Black, a premium bank card and luxurious market platform, in June of final yr.

Shares of Uncover are down 1.7% decrease for the yr, placing the corporate at a $27.63 billion market cap. Capital One has a market cap of $52.2 billion and shares of the corporate are up 4.6% in 2024.

The Capital One-Uncover merger can be one of many largest offers introduced to this point this yr. Synopsys introduced a deal to purchase Ansys for $35 billion in January and Diamondback Energy‘s $26 billion deal to purchase privately held oil and fuel producer Endeavor Energy was introduced on Feb. 12.

Learn the total story right here: Capital One is buying Discover Financial, sources say

That is breaking information. Please verify again for updates.

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