Capital One, Discover file proxy for merger, see early 2025 close

Capital One (COF) and Discover Financial (DFS) announced last night the filing of the joint proxy statement and prospectus relating to the proposed acquisition of Discover by Capital One. The boards of directors of Capital One and Discover have each unanimously approved a merger agreement. Capital One and Discover said they expect the mergers to close in early 2025. “However, neither Capital One nor Discover can predict the actual date on which the mergers will be completed, or if the mergers will be completed at all, because completion is subject to conditions and factors outside the control of both companies,” they added.