Banking Recap

CAPITAL ONE FINANCIAL CORP Announces Acquisition

This deal is a stock-for-stock merger in which Capital One Financial Corp (ticker COF), a company in the financial institutions group (FIG) sector, is the acquirer of Discover Financial Services. The transaction is classified under the M&A product group, and the disclosed deal value is not stated in the source document.

Apr 19, 2024·SEC EDGAR (S-4)·pending regulatory·stock-for-stock merger

The facts block is sourced from a single SEC filing: an S-4 filed with SEC EDGAR and published on April 19, 2024. The deal's current status is pending regulatory approval.

On the financial advisory side, PJT Partners LP served as financial advisor to the target, Discover, and is designated as lead advisor in that role. The source material includes a consent letter in which PJT Partners LP consents to the reference to its opinion letter under the caption "Summary, Opinion of Discover's Financial Advisor" in the relevant filing. No financial advisor is disclosed for Capital One, the acquirer, in the facts block.

No legal advisors were identified in the facts block for this transaction, for either Discover or Capital One.

Beyond the stock-for-stock characterization of the merger, the facts block does not specify the exchange ratio or other specific terms of the stock consideration.

Several material facts are not disclosed in the source material. No financial advisor is named for Capital One, the acquirer, and no legal advisors are identified for either party. The disclosed deal value is not stated, and no expected closing date is given.