| Deal Structure and Party Summary | ||
|---|---|---|
| Deal Structure | Public Target Merger | |
| Acquirer | Capital One Financial Corporation | |
| Public | Yes | |
| Industry | Financial Institutions (banks, insurance, diversified) | |
| Private equity sponsorship | No | |
| Target | Discover Financial Services | |
| Public | Yes | |
| Industry | Financial Institutions (banks, insurance, diversified) | |
| Private equity sponsorship(s) | No | |
| Key Transaction Characteristics and Terms | ||
|---|---|---|
| Status | Pending | |
| Announcement date | February 19, 2024 | |
| Transaction value | $35.3 billion | |
| Form of consideration | Equity | |
| Type of merger | Reverse Triangular | |
| Tender offer | No | |
| Go-Shop/No-Shop Terms | ||
|---|---|---|
| No-Shop Provision | Yes | |
| Go-shop Provision | No | |
| Transaction Advisors | ||
|---|---|---|
| Seller / Target Counsel | ||
| Law firm #1 | Sullivan & Cromwell LLP | |
| Individual attorney(s) |
H. Rodgin Cohen; Mitchell S. Eitel; Jared M. Fishman |
|
| Acquirer Counsel | ||
| Law firm #1 | Wachtell, Lipton, Rosen & Katz | |
| Individual attorney(s) |
Edward D. Herlihy; Matthew M. Guest; Brandon C. Price |
|
| Seller / Target Financial Advisors | ||
| Financial advisor #1 | PJT Partners LP | |
| Financial advisor #2 | Morgan Stanley & Co. LLC | |
| Acquirer Financial Advisors | ||
| Financial advisor #1 | Centerview Partners LLC | |