It has been announced that Capital One Financial Corporation will acquire Discover Financial Services in a landmark $35.3 billion deal. This merger will create one of the largest financial services companies in the United States.

Capital One, known for its credit card and banking services, will gain access to Discover’s network and expertise in payment processing and online banking. This will allow Capital One to expand its reach and offerings to customers across the country.

The acquisition is expected to result in significant cost savings for both companies, as they can consolidate operations and leverage each other’s resources. This will also enable them to better compete with other major players in the financial services industry.

Investors have reacted positively to the news, with both Capital One and Discover’s stock prices rising following the announcement. The deal is subject to regulatory approval and is expected to close in the next 12 months.

This acquisition will not only benefit the companies involved but also have a significant impact on the landscape of the financial services industry. It will be interesting to see how this merger plays out and what it means for customers and competitors alike.