## Did Capital One Buy Discover?
Yes, Capital One has received final regulatory approvals and is proceeding with the acquisition of Discover Financial Services.
**Key Details:**
– **Regulatory Approvals**: Both the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency have approved Capital One’s proposed acquisition of Discover[1][2][4].
– **Transaction Details**: Capital One and Discover entered into a definitive agreement for Capital One to acquire Discover in an all-stock transaction valued at $35.3 billion[3].
– **Merger Structure**: Capital One Financial Corporation will merge with Discover Financial Services, thereby indirectly acquiring Discover Bank[4].
– **Purpose and Benefits**: The acquisition aims to add scale to the Discover network, enhance competition with the largest U.S. banks and global payment networks, and drive innovation in banking and payments to benefit consumers, small businesses, and communities[2].
– **Regulatory Conditions**: As part of the approval, Discover is required to address past overcharging of interchange fees and implement remediation, with Capital One committing to comply with these requirements after the merger[4].
**Summary:**
Capital One has officially received the necessary approvals and is in the process of acquiring Discover, making this one of the most significant recent consolidations in the U.S. financial services and payments industry[1][2][3][4].