Capital One plans to acquire Discover, according to people familiar with the matter. press releasestates that those who own Discover stock will receive Capital One stock.
“Our acquisition of Discover brings together two highly successful companies with complementary capabilities and franchises that allow us to compete with the largest payment networks and companies,” said Richard, Founder, Chairman, and CEO of Capital One. This is a unique opportunity to build a payments network,” Fairbank said, according to a press release.
Discover investors will receive slightly more than one Capital One share for each Discover share they own.
“Under the terms of the agreement, Discover shareholders will receive 1.0192 Capital One shares for each Discover share, which represents a 26.6% increase based on Discover’s closing price of $110.49 on February 16, 2024. Upon closing, Capital One shareholders will own approximately 60% and Discover shareholders will own approximately 40% of the combined company.” It is stated in the release. Discover is the “smallest of the four global payment networks based in the United States. This acquisition adds scale and investment, giving the Discover network a competitive edge against the largest payment networks and payment companies.” can be further enhanced,” the release states.
Both companies promote an environmental, social and governance (ESG) ideology.
Discover We have released ESG report Last year, it set goals such as “increasing the proportion of women and nonwhites in all management positions by 2025.”
The report states the goal is to “increase POC to 40%,” and a footnote states that “POC is defined as a person of color; It is described as “configured.” Other goals included increasing “to 50% women” and “15% blacks and Hispanics.”
Capital One releases ESG report Last year’s report found that “over the three-year period from 2019 to 2022, in the United States, 28% of Asian and Pacific Islander VP+ representatives, 128.6% of Black VP+ representatives, 16.7% of Hispanic VP+ representatives, and have increased,” he said. VP+ percentage increased by 8.5%. ”
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