Capital One Financial Corp. said it received state regulatory approval to buy Discover Financial Services, overcoming one of several more hurdles needed before it can complete one of the biggest mergers announced this year.
The Delaware State Bank Commissioner approval “represents an important step toward the completion of the merger,” Capital One said in a statement Thursday. The firm anticipates the deal will be completed early next year.
The deal, valued at $35 billion when it was announced, would create the biggest credit-card issuer in the US by loan volume.
-By Paige Smith (Bloomberg)
