Great Places to Work & Acquisition Impact
Additional deal highlights
Transaction
Structure & Pricing
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Discover to merge into Capital One; 1.0192x fixed exchange ratio and 100% stock consideration
Implied transaction value of $139.86 per Discover share or $35.3 billion¹
Represents 26.6% premium to Discover share price and 12.3x 2024E consensus EPS
Ownership
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~60% Capital One and -40% Discover
CEO
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Rich Fairbank will remain CEO and Chairman of the Board
Board of Directors
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Key Geographies
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Approvals & Timing
3 Directors from Discover will join Capital One's Board of Directors
Headquarters: McLean, VA
· Significant presence in the Chicago area
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• Capital One and Discover shareholders as well as customary regulatory approvals
Anticipated closing end of 2024 / early 2025
Note: Market data as of February 16, 2024; 1) Implied transaction value based on $110.49 per Discover share at market close.
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