Capital One says it's buying Discover for $35 billion, creating credit card and payments giant

New York — Capital One Financial said it will buy Discover Financial Services for $35 billion, a deal that would bring together two of the nation's major credit card companies as well as potentially shake up the payments industry, which is largely dominated by Visa and Mastercard.Under the terms of the all-stock transaction, Discover Financial shareholders will receive Capital One shares valued at nearly $140. That's a significant premium on the $110.

'The deal also poses massive anti-trust concerns, given the vertical integration of Capital One's credit card lending with Discover's credit card network,' said Jesse Van Tol, president and CEO of the National Community Reinvestment Coalition.Consumer trends in focusWith its purchase of Discover, Capital One is betting that Americans' will continue to increasingly use their credit cards and keep balances on those accounts to collect interest.

Source: Loan Digest (loandigest.net)

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