Regeneron Pharmaceuticals announced Monday that it’s buying “substantially all” of 23andMe’s assets for $256 million. The deal comes just weeks after the once buzzy DNA testing startup, once valued near $6 billion, filed for Chapter 11 bankruptcy. According to Regeneron, […]
Richard D. Fairbank, Capital One's founder and CEO, said in a press release on Sunday that the deal "brings together two innovative, mission-driven companies."
"Through the efforts of thousands of associates across Capital One and Discover, we are well-positioned to continue our quest to change banking for good for millions of customers," he said.
At that time, Fairbank said the acquisition was a "singular opportunity to bring together two very successful companies with complementary capabilities and franchises, and to build a payments network that can compete with the largest payments networks and payments companies."
Capital One reported a $1.4 billion net income during its first-quarter earnings in April. Discover reported a net income of $1.1 billion that same month.
Representatives for Discover Financial Services didn't respond to a request for comment. For now, the companies have said nothing will change for Discover customers.
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