Capital One Financial Corporation has finalized its acquisition of Discover Financial Services.\n\nIn a press release, Richard D. Fairbank, Capital One’s founder and CEO, stated that the deal unites “two innovative, mission-driven companies.” He added, “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.”\n\nThe acquisition, valued at $35.5 billion as an all-stock transaction, was initially announced in February. At that time, Fairbank described it as a unique opportunity to combine two successful companies with complementary capabilities and franchises.\n\nCapital One reported a net income of $1.4 billion during its first-quarter earnings in April, while Discover reported a net income of $1.1 billion the same month. Discover Financial Services representatives did not respond to a request for comment from Business Insider, and the companies noted that nothing would change for Discover customers for now.\n— new from Business Insider
