Capital One and Discover Stockholders Approve Capital One’s Proposed Acquisition of Discover
Capital One Financial (NYSE: COF) and Discover Financial Services (NYSE: DFS) announced that stockholders from both companies have approved Capital One's proposed acquisition of Discover at their respective Special Meetings. The approval represents significant support, with 99.8% of Capital One shares (85.1% of total outstanding shares) and 99.3% of Discover shares (81.6% of total outstanding shares) voting in favor of the transaction.
The stockholder approval marks a important milestone in combining these two companies. The transaction is expected to close in early 2025, pending approval from the Federal Reserve System and the Office of the Comptroller of the Currency, along with other customary closing conditions. The Delaware State Bank Commissioner has already approved the acquisition on December 18, 2024.
Capital One Financial (NYSE: COF) e Discover Financial Services (NYSE: DFS) hanno annunciato che gli azionisti di entrambe le aziende hanno approvato la proposta di acquisizione di Discover da parte di Capital One durante le rispettive Assemblee Straordinarie. L'approvazione rappresenta un supporto significativo, con il 99,8% delle azioni di Capital One (85,1% del totale delle azioni in circolazione) e il 99,3% delle azioni di Discover (81,6% del totale delle azioni in circolazione) che hanno votato a favore della transazione.
L'approvazione degli azionisti segna una tappa importante nella fusione di queste due aziende. Si prevede che la transazione si concluda all'inizio del 2025, in attesa dell'approvazione da parte del Federal Reserve System e dell'Ufficio del Controllore della Moneta, insieme ad altre condizioni di chiusura consuete. Il Commissario della Banca dello Stato del Delaware ha già approvato l'acquisizione il 18 dicembre 2024.
Capital One Financial (NYSE: COF) y Discover Financial Services (NYSE: DFS) anunciaron que los accionistas de ambas compañías han aprobado la propuesta de adquisición de Discover por parte de Capital One en sus respectivas Juntas Generales Extraordinarias. La aprobación representa un apoyo significativo, con el 99,8% de las acciones de Capital One (85,1% del total de acciones en circulación) y el 99,3% de las acciones de Discover (81,6% del total de acciones en circulación) votando a favor de la transacción.
La aprobación de los accionistas marca un hito importante en la fusión de estas dos empresas. Se espera que la transacción se cierre a principios de 2025, pendiente de la aprobación del Sistema de la Reserva Federal y de la Oficina del Contralor de la Moneda, junto con otras condiciones habituales de cierre. El Comisionado de Banca del Estado de Delaware ya aprobó la adquisición el 18 de diciembre de 2024.
캐피탈 원 파이낸셜 (NYSE: COF)와 디스커버 파이낸셜 서비스 (NYSE: DFS)는 두 회사의 주주들이 캐피탈 원의 디스커버 인수 제안을 각각의 특별 회의에서 승인했다고 발표했습니다. 이 승인은 캐피탈 원 주식의 99.8% (총 발행 주식의 85.1%)와 디스커버 주식의 99.3% (총 발행 주식의 81.6%)가 거래에 찬성 투표를 한 것으로, 상당한 지지를 나타냅니다.
주주 승인으로 두 회사의 통합에 중요한 이정표가 세워졌습니다. 거래는 2025년 초에 마감될 것으로 예상되며, 연방준비제도와 통화감독청의 승인을 기다리고 있으며, 그 외에도 일반적인 마감 조건이 있습니다. 델라웨어 주 은행 위원회는 이미 2024년 12월 18일에 인수를 승인했습니다.
Capital One Financial (NYSE: COF) et Discover Financial Services (NYSE: DFS) ont annoncé que les actionnaires des deux entreprises ont approuvé la proposition d'acquisition de Discover par Capital One lors de leurs Assemblées Générales Extraordinaires respectives. Cette approbation représente un soutien significatif, avec 99,8 % des actions de Capital One (85,1 % du total des actions en circulation) et 99,3 % des actions de Discover (81,6 % du total des actions en circulation) votant en faveur de la transaction.
L'approbation des actionnaires marque une étape importante dans la fusion de ces deux entreprises. La transaction devrait se conclure début 2025, sous réserve de l'approbation du Système de Réserve Fédérale et de l'Office du Contrôleur de la Monnaie, ainsi que d'autres conditions de clôture habituelles. Le Commissaire de la Banque de l'État du Delaware a déjà approuvé l'acquisition le 18 décembre 2024.
Capital One Financial (NYSE: COF) und Discover Financial Services (NYSE: DFS) haben bekannt gegeben, dass die Aktionäre beider Unternehmen auf ihren jeweiligen außerordentlichen Hauptversammlungen dem vorgeschlagenen Erwerb von Discover durch Capital One zugestimmt haben. Die Genehmigung stellt eine bedeutende Unterstützung dar, da 99,8% der Aktien von Capital One (85,1% der insgesamt ausgegebenen Aktien) und 99,3% der Aktien von Discover (81,6% der insgesamt ausgegebenen Aktien) für die Transaktion gestimmt haben.
Die Zustimmung der Aktionäre markiert einen wichtigen Meilenstein bei der Zusammenlegung dieser beiden Unternehmen. Es wird erwartet, dass die Transaktion Anfang 2025 abgeschlossen wird, vorbehaltlich der Genehmigung durch das Federal Reserve System und das Büro des Währungsprüfers sowie anderer üblicher Abschlussbedingungen. Der Bankkommissar des Bundesstaates Delaware hat die Übernahme bereits am 18. Dezember 2024 genehmigt.
- Overwhelming stockholder approval with over 99% support from both companies
- Delaware State Bank Commissioner has already approved the acquisition
- Clear timeline for transaction completion in early 2025
- Transaction still requires regulatory approvals from Federal Reserve and OCC
- Extended closing timeline into 2025 could present execution risks
Insights
The overwhelming stockholder approval of Capital One's acquisition of Discover, with support exceeding
This merger would create a formidable competitor in the payments ecosystem, combining Capital One's extensive customer base and digital banking capabilities with Discover's proprietary payment network. The integration would establish the first new major card network competitor in decades, potentially disrupting the traditional Visa/Mastercard duopoly.
However, the path to completion faces significant regulatory scrutiny. While the Delaware State Bank Commissioner's approval is encouraging, the pending Federal Reserve and OCC reviews will likely focus on market concentration concerns and competitive implications. These regulators will examine the combined entity's impact on merchant choice, interchange fees, and consumer lending market dynamics.
The anticipated early 2025 closing timeline appears optimistic given the complexity of regulatory reviews for financial institution mergers of this scale. Historical precedents suggest that heightened regulatory scrutiny under current administration policies could extend the review process. The deal's success will largely depend on the companies' ability to demonstrate that the combination enhances competition rather than diminishes it in the payments and consumer lending markets.
Special Meeting Stockholder Vote Results
-
Capital One: More than
99.8% of the Capital One shares voted at the Capital One Special Meeting were voted in favor of the transaction, representing85.1% of the total number of outstanding shares of Capital One common stock as of December 27, 2024, the record date for Capital One’s Special Meeting. -
Discover: More than
99.3% of the Discover shares voted at the Discover Special Meeting were voted in favor of the transaction, representing approximately81.6% of the total number of outstanding shares of Discover common stock as of December 27, 2024, the record date for Discover’s Special Meeting.
Stockholder approval marks an important milestone in the process to combine Capital One and Discover, two mission-driven companies with proven track records of delivering best-in-class solutions for consumers, small businesses, merchants and communities.
Additional Merger Agreement Conditions
Capital One anticipates that the transaction will close in early 2025, subject to approval by the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency, and other customary closing conditions.
As previously announced, the Delaware State Bank Commissioner approved Capital One’s proposed acquisition of Discover on December 18, 2024.
Further information on Capital One’s agreement to acquire Discover can be found at www.capitalonediscover.com.
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a financial holding company which, along with its subsidiaries, had
Additional information about Capital One can be found at Capital One About at www.capitalone.com/about.
About Discover
Discover Financial Services (NYSE: DFS) is a digital banking and payment services company with one of the most recognized brands in
Forward Looking Statements
Information in this communication, other than statements of historical facts, may constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements about the benefits of the proposed transaction between Capital One Financial Corporation (“Capital One”) and Discover Financial Services (“Discover”), statements related to the expected timing of the completion of the transaction, statements about the combined company’s plans, objectives, expectations and intentions, and other statements that are not historical facts. Forward-looking statements may be identified by terminology such as “may,” “will,” “should,” “targets,” “scheduled,” “plans,” “intends,” “goal,” “anticipates,” “expects,” “believes,” “forecasts,” “outlook,” “estimates,” “potential,” or “continue” or negatives of such terms or other comparable terminology.
All forward-looking statements are subject to risks, uncertainties and other factors that may cause the actual results, performance or achievements of Capital One or Discover to differ materially from any results expressed or implied by such forward-looking statements. Such factors include, among others, (1) the risk that the cost savings and any revenue synergies and other anticipated benefits from the transaction may not be fully realized or may take longer than anticipated to be realized, the risk that revenues following the transaction may be lower than expected and/or the risk that certain expenses, such as the provision for credit losses, of Discover, or Capital One following the transaction, may be greater than expected, (2) disruption to the parties’ businesses as a result of the announcement and pendency of the transaction, (3) the risk that the integration of Discover’s business and operations into Capital One, including the integration into Capital One’s compliance management program, will be materially delayed or will be more costly or difficult than expected, or that Capital One is otherwise unable to successfully integrate Discover’s businesses into its own, including as a result of unexpected factors or events, (4) the possibility that the requisite regulatory approvals are not received or other conditions to the closing are not satisfied on a timely basis or at all, or are obtained subject to conditions that are not anticipated (and the risk that requisite regulatory approvals may result in the imposition of conditions that could adversely affect Capital One or the expected benefits of the transaction following the closing of the transaction), (5) reputational risk and the reaction of each company’s customers, suppliers, employees or other business partners to the transaction, (6) the failure of the closing conditions in the merger agreement to be satisfied, or any unexpected delay in completing the transaction or the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement, (7) the dilution caused by the issuance of additional shares of Capital One’s common stock in connection with the transaction, (8) the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events, (9) risks related to management and oversight of the expanded business and operations of Capital One following the transaction due to the increased size and complexity of its business, (10) the possibility of increased scrutiny by, and/or additional regulatory requirements of, governmental authorities as a result of the transaction or the size, scope and complexity of Capital One’s business operations following the transaction, (11) the outcome of any legal or regulatory proceedings that may be currently pending or later instituted against Capital One before or after the transaction, or against Discover, (12) the risk that expectations regarding the timing, completion and accounting and tax treatments of the transaction are not met, (13) the risk that any announcements relating to the transaction could have adverse effects on the market price of Capital One’s common stock, (14) certain restrictions during the pendency of the transaction, (15) the diversion of management’s attention from ongoing business operations and opportunities, (16) Capital One’s and Discover’s success in executing their respective business plans and strategies and managing the risks involved in the foregoing, (17) effects of the announcement, pendency or completion of the transaction on Capital One’s or Discover’s ability to retain customers and retain and hire key personnel and maintain relationships with Capital One’s and Discover’s suppliers and other business partners, and on Capital One’s and Discover’s operating results and businesses generally, (18) general competitive, economic, political and market conditions and other factors that may affect future results of Capital One and Discover, including changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates and capital markets; inflation; customer borrowing, repayment, investment and deposit practices; the impact, extent and timing of technological changes; capital management activities and (19) any other factors that may affect Capital One’s future results or the future results of Discover; and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms. Additional factors which could affect future results of Capital One and Discover can be found in Capital One’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, and Discover’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K (and any amendments to those documents), in each case filed with the SEC and available on the SEC’s website at http://www.sec.gov. Capital One and Discover disclaim any obligation and do not intend to update or revise any forward-looking statements contained in this communication, which speak only as of the date hereof, whether as a result of new information, future events or otherwise, except as required by federal securities laws.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250218801701/en/
Media Relations
Sie Soheili
sie.soheili@capitalone.com
Matthew
matthewtowson@discover.com
Investor Relations
Danielle Dietz
danielle.dietz@capitalone.com
Erin Stieber
investorrelations@discover.com
Source: Capital One Financial Corporation
FAQ
What percentage of Capital One (COF) shareholders approved the Discover acquisition?
When is the Capital One-Discover merger expected to close?
What regulatory approvals are still needed for the Capital One-Discover merger?
Has the Delaware State Bank Commissioner approved the Capital One-Discover merger?
What percentage of Discover shareholders voted in favor of the Capital One acquisition?
