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Capital One Financial is set to acquire Discover Financial Services, according to a report from The Wall Street Journal. The deal could be announced Tuesday, the outlet said, citing sources.

The merger of the two companies, who are among the largest credit card issuers in the U.S., would expand Capital One’s credit-card offerings. The news comes on the back of a Bloomberg News report on Monday that Capital One was considering an acquisition.

Shares of Discover are down 1.7% lower for the year, putting the company at a $27.63 billion market cap. Capital One has a market cap of $52.2 billion and shares of the company are up 4.6% in 2024.

Read the full story here: Capital One is buying Discover Financial, sources say

This is breaking news. Please check back for updates.

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