2 of the world's largest credit card companies just merged
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- Capital One Financial Corporation completed its acquisition of Discover Financial Services.
- The deal, first announced in February, is valued at $35.5 billion.
- The acquisition combines two of the world's largest credit card issuers.
Capital One Financial Corporation has completed its acquisition of Discover Financial Services.
Richard D. Fairbank, Capital One's founder and CEO, said the deal "brings together two innovative, mission-driven companies" in a press release on Sunday.
"Through the efforts of thousands of associates across Capital One and Discover, we are well-positioned to continue our quest to change banking for good for millions of customers," he said.
The companies first announced the acquisition, an all-stock transaction valued at $35.5 billion, in February.
At that time, Fairbank said the acquisition was a "singular opportunity to bring together two very successful companies with complementary capabilities and franchises, and to build a payments network that can compete with the largest payments networks and payments companies."
Capital One reported a $1.4 billion net income during its first-quarter earnings in April. Discover reported a net income of $1.1 billion that same month.
Representatives for Discover Financial Services did not respond to a request for comment from Business Insider. For now, the companies said nothing would change for Discover customers.