---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-24-042826"
form_type: "8-K"
ticker: "COF"
cik: "0000927628"
company_name: "CAPITAL ONE FINANCIAL CORP"
filed_at: "2024-02-22T23:59:59+00:00"
generated_at: "2026-06-05T21:31:17.232551+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 1.0
calibrated_materiality_score: 1.0
confidence: "high"
source: SEC EDGAR
---

# Capital One to acquire Discover Financial in all-stock merger with 1.0192 exchange ratio

## Summary
- Each Discover common share converts to 1.0192 Capital One common shares; fractional shares paid in cash.
- Two-step merger: Discover first merges into Capital One sub, then into Capital One; Discover Bank merges into Capital One, N.A.
- Termination fee of $1.38B payable by either party under specified conditions involving alternative proposals.
- Transaction subject to approvals from both companies' stockholders, Federal Reserve, OCC, and other regulatory conditions.
- Capital One board increases to 15 directors; three current Discover directors to be appointed.

## SEC filing metadata
- accession: 0001193125-24-042826
- form_type: 8-K
- ticker: COF
- cik: 0000927628
- company_name: CAPITAL ONE FINANCIAL CORP
- filed_at: 2024-02-22T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 1.0
- calibrated_materiality_score: 1.0
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/927628/000119312524042826/0001193125-24-042826-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/927628/000119312524042826/d780383d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-24-042826
- JSON: https://secwatch.observer/filing/0001193125-24-042826.json
- Plain text: https://secwatch.observer/filing/0001193125-24-042826.txt

## Key facts
- Material Agreements
  CAPITAL ONE FINANCIAL CORP entered into Agreement and Plan of Merger with Discover Financial Services (effective 2024-02-19).
  - Action: entry
  - Agreement: merger
  - Counterparty: Discover Financial Services
  - Effective: 2024-02-19
  source text: On February 19, 2024, Capital One Financial Corporation, a Delaware corporation (“Capital One”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Discover Financial Services, a Delaware corporation (“Discover”) and Vega Merger Sub, Inc., a Delaware corporation and a direct, wholly owned subsidiary of Capital One (“Merger Sub”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/927628/000119312524042826/0001193125-24-042826-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.