Buffett-backed lender to buy Discover Financial for $53.5b
New York | Washington | Warren Buffett-backed US consumer bank Capital One plans to buy US credit card issuer Discover Financial Services in an all-stock transaction valued at $US35.3 billion ($53.5 billion) to create a global payments giant, the companies said on Monday (Tuesday AEDT).
The deal, which is expected to receive intense antitrust scrutiny, would also form the sixth-largest US bank by assets and a US credit card behemoth that would compete with rivals JPMorgan Chase and Citigroup.
Reuters
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