Veteran specialty finance company Capital One Financial (NYSE: COF) unveiled definitive plans for acquiring longtime credit card rival Discover Financial Services (NYSE: DFS) in a $35 billion, all-stock merger agreement framed as maximizing each entity’s payments network potential together rather than separately.
By consolidating back-end acceptance infrastructure with front-end consumer rolls into a singular payments ecosystem, Capital One intends to aggressively pursue transaction volume gains and tech synergies — including cross-selling digital money management and analytics solutions to enlarged combined users.
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