More than a year after Capital One Financial announced its planned $35.3 billion purchase of Discover Financial Services, the companies are still awaiting federal approvals. Meanwhile, Capital One is contending with a civil lawsuit filed this month by President Donald Trump’s company.
Last month, Discover extended the date by which it may complete the transaction to May 19, from Feb. 19 this year. Initially, under the terms of the banks’ 2024 agreement, the deal was expected to close by “late 2024 or early 2025,” according to the press release announcing the deal.
Now, the agreement is still under review by the Office of the Comptroller of the Currency, part of the Treasury Department; the Federal Reserve Board of Governors; and the Department of Justice antitrust staff, which reviews competitive effects of mergers. The DOJ’s opinions shared with other regulators on a proposed deal are typically confidential unless the administration decides to sue to block a merger.