Capital One said it will buy Discover Financial Services DFS -0.21%decrease; red down pointing triangle for more than $35 billion, a deal that will marry two of the largest credit-card companies in the U.S.
Under the terms of the all-stock deal, Discover shareholders are set to receive 1.0192 Capital One shares for each Discover share, representing a premium of about 27% based on Discover’s closing price Friday. After the deal closes, Capital One shareholders will hold roughly 60% of the combined company…