Capital One Financial Corporation has completed its acquisition of Discover Financial Services.
Richard D. Fairbank, Capital One's founder and CEO, said in a press release on Sunday that the deal "brings together two innovative, mission-driven companies."
"Through the efforts of thousands of associates across Capital One and Discover, we are well-positioned to continue our quest to change banking for good for millions of customers," he said.
The companies first announced the acquisition, an all-stock transaction valued at $35.3 billion, in February 2024.
At that time, Fairbank said the acquisition was a "singular opportunity to bring together two very successful companies with complementary capabilities and franchises, and to build a payments network that can compete with the largest payments networks and payments companies."
Capital One reported a $1.4 billion net income during its first-quarter earnings in April. Discover reported a net income of $1.1 billion that same month.
Representatives for Discover Financial Services didn't respond to a request for comment. For now, the companies have said nothing will change for Discover customers.
Correction: May 19, 2025 — An earlier version of this story misstated when Capital One and Discover first announced the deal. It was February 2024, not February of this year. It also misstated the size of the deal. It was valued at $35.3 billion, not $35.5 billion.
