Drew Angerer/Getty Images
Capital One Financial Corporation has completed its acquisition of Discover Financial Services.
Richard D. Fairbank, Capital One’s founder and CEO, said the deal “brings together two innovative, mission-driven companies” in a press release on Sunday.
“Through the efforts of thousands of associates across Capital One and Discover, we are well-positioned to continue our quest to change banking for good for millions of customers,” he said.
The companies first announced the acquisition, an all-stock transaction valued at $35.5 billion, in February.
At that time, Fairbank said the acquisition was a “singular opportunity to bring together two very successful companies with complementary capabilities and franchises, and to build a payments network that can compete with the largest payments networks and payments companies.”
Capital One reported a $1.4 billion net income during its first-quarter earnings in April. Discover reported a net income of $1.1 billion that same month.
Representatives for Discover Financial Services did not respond to a request for comment from Business Insider. For now, the companies said nothing would change for Discover customers.
The post 2 of the world’s largest credit card companies just merged appeared first on Business Insider.
