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Capital One is making a big bet at a booming time in the credit-card sector. Buying Discover would give Capital One, a credit-card lender with a market value of a little over $52b, a network that would vastly increase its power in the payments ecosystem.
An acquisition of Discover will rank among the biggest deals so far in 2024. After a lull in M&A activity in 2023 as economic and other uncertainty and increased interest rates took a bite out of the appetite for deals, volumes have gotten off to a relatively strong start and are up 90% in the U.S. compared with a year earlier, according to Dealogic. Other big transactions include software maker Synopsys’ roughly $35 billion acquisition of rival Ansys and Diamondback Energy’s $25 billion deal for Endeavor Energy.
https://www.wsj.com/finance/capital-one-is-buying-discover-financial-sources-say-a7c43dd2
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