M&A · Financials · Personal Credit Institutions
Capital One Financial Corp to acquire Discover Financial Services
Announced Feb 20, 2024 · Closed May 19, 2025
Deal value$35.30B
Premium26.6%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$139.86 per share
Transaction
- Acquirer
- Capital One Financial Corp (COF)
- Target
- Discover Financial Services (DFS)
- Buyer type
- Strategic
- Offer price per share
- $139.86
- Enterprise value
- —
- Status
- Closed May 19, 2025
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- $1.38B · 3.9%
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Centerview
- To the target
- PJT Partners, Morgan Stanley
- Centerview fee
- $42.0M
- PJT Partners fee
- $48.0M
Sector context · Financials
- Comparable deals
- 57 in the prior 24 months
- Premium
- 26.6% vs. 34.0% sector median
- EV / Adj. EBITDA
- Sector median 16.9x
- Break fee
- Sector median 3.0%
Timeline
- AnnouncedFeb 20, 2024
- Proxy filedJan 6, 2025
- Definitive proxyJan 6, 2025
- Shareholder voteFeb 18, 2025
- ClosedMay 19, 2025
Valuation · fairness opinions
Trading comparablesCenterview$107.75$130.00
Trading comparablesCenterview$103.25$121.00
Trading comparablesCenterview$125.50$153.25
Trading comparablesCenterview$129.50$153.00
Discounted cash flowCenterview$120.50$141.75
Trading comparablesPJT Partners$101.77$125.72
Trading comparablesPJT Partners$97.27$118.89
Trading comparablesPJT Partners$106.72$133.40
Trading comparablesPJT Partners$114.75$144.68
Offer $139.86
Implied value per Discover Financial Services share by analysis, from Centerview and PJT Partners · DCF discount rate 12.75%–13.75%.