Capital One Financial will buy Riverwoods-based Discover Financial Services for $35.3 billion, in a deal that would bring together two of the largest credit card companies in the country. Under the terms of the all-stock transaction, Discover Financial shareholders will receive Capital One shares valued at nearly $140.

The deal marries two of the largest credit card companies that aren’t primarily banks, such as JPMorgan Chase and Citigroup, with the notable exception of American Express. Once finalized, current Capital One shareholders will own a 60 percent stake in the combined company, while Discover shareholders will own the remaining 40 percent.

Discover has a corporate headquarters in Lake County located at 2500 Lake Cook Road, and the company has more than 5,000 employees in the Chicago area. Capital One, based in McLean, Virginia, anticipates the transaction to create $2.7 billion in pretax synergies and increase adjusted EPS by more than 15 percent in 2027. Capital One reportedly plans to keep the Discover brand.

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