Capital One Financial Corporation’s $35.3 billion acquisition of Discover Financial Services is now official.
The deal, first announced in February of last year and finalized on Sunday, combines two of the world's largest credit card companies, Business Insider reports.
The merger “brings together two innovative, mission-driven companies,” Richard D. Fairbank, Capital One's founder and CEO, said in a statement.
“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,” Fairbank continued.
As to what the combination of two leading credit card giants means for consumers, the pairing of the two extensive payment networks could give Discover customers access to more Capital One branches and ATMs, while Capital One could potentially offer its customers a greater selection of debit cards with cashback rewards.
Capital One reported a $1.4 billion net income during its first-quarter earnings in April, while Discover reported a net income of $1.1 billion that same month.