Capital One Financial's proposed acquisition of Discover Financial Services has been approved by key regulatory bodies. The Federal Reserve and the Office of the Comptroller of the Currency (OCC) announced their approval of the $35.3 billion all-stock transaction on Friday.
This merger will combine two major players in the credit card industry, potentially reshaping the competitive landscape. Capital One aims to integrate Discover's payment network and card services into its existing portfolio. The deal is still subject to customary closing conditions, including antitrust review. Once finalized, the combined entity will be a major force in the financial services sector, offering a wide range of credit card products and payment solutions to consumers.
Capital One's Acquisition of Discover Approved by Regulators
Capital One's plan to buy Discover Financial Services for $35.3 billion has received the green light from federal regulators. The Federal Reserve and the Office of the Comptroller of the Currency both approved the deal on Friday. This merger will create one of the largest credit card companies in the United States, pending final closing conditions.
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