Exhibit 99.1
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Media Release
| Investor Relations | ||
| Danielle Dietz | Jeff Norris | |
| danielle.dietz@capitalone.com | jeff.norris@capitalone.com | |
| Eric Wasserstrom | ||
| ericwasserstrom@discover.com | ||
| Media Relations | ||
| Sie Soheili | Carlisle Campbell | |
| sie.soheili@capitalone.com | carlisle.campbell@capitalone.com | |
| Matthew Towson | ||
| matthewtowson@discover.com | ||
Capital One to Acquire Discover
Under the terms of the agreement, Discover shareholders will receive 1.0192 Capital One shares for each Discover share, representing a premium of 26.6% based on Discovers closing price of $110.49 on February 16, 2024. Transaction is 100% stock consideration.
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Creates a global payments platform at scale, with 70 million merchant acceptance points in more than 200 countries and territories |
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Positions the combined company to compete with the largest payments companies and deliver enhanced value to a franchise of over 100 million customers |
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Enables Capital One to leverage its customer base, technology, and data ecosystem to drive more sales for merchants and great deals for consumers and small businesses |
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Leverages Capital Ones eleven-year technology transformation across a much larger enterprise |
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Generates $2.7 billion in pre-tax synergies and >15% accretive to adjusted non-GAAP EPS in 2027 |
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Delivers return on invested capital (ROIC) of 16% in 2027 with internal rate of return (IRR) >20% |
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Companies to host a conference call February 20, 2024 at 8:00am ET |
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