Capital One Financial Corporation announced a definitive agreement to acquire Discover Financial Services in an all-stock transaction valued at $35.3 billion. Under the terms of the agreement, Discover shareholders will receive 1.0192 shares of Capital One for each Discover share, representing a 26.6 percent premium based on Discover's closing price of $110.49 on February 16, 2024.

The deal is expected to close in late 2024 or early 2025, subject to regulatory and shareholders approval.