Read the original article from Finextra here.
Here is a brief summary of the article:
- Capital One acquired Discover Financial in an all-stock transaction
- The merger creates a payment network with 70 million merchant acceptance points in more than 200 countries, serving 100 million customers
- The integration of Discover’s payment processing network challenges the dominance of existing networks and gives Discover’s payment network a major credit card partner
- The transaction is expected to generate expense savings of $1.5 billion in 2027, offset by targeted investments and network synergies of $1.2 billion in 2027