Capital One considers acquisition of Discover Financial, source says
NY Post
Capital One, an online consumer bank and credit card issuer backed by investor Warren Buffett, is considering a potential acquisition of credit card lender Discover Financial Services, a person familiar with the matter said.
While the terms could not be learned, a deal could be announced as early as Tuesday, according to the source.
Discover Financial has a market capitalization of $27.6 billion, while Capital One is valued at $52.2 billion, according to LSEG data.
Bloomberg News had first reported on the deal. Discover and Capital One did not immediately respond to requests for comment.
Capital One has been working with advisers to “study a deal” for Discover, Bloomberg’s report had said.
The deal comes weeks after TD Bank Group veteran Michael Rhodes took over as Discover Financial’s new CEO following the exit of Roger Hochschild in August.
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