(Bloomberg) — Capital One Financial Corp. and Discover Financial Services shareholders voted in favor of the planned $35 billion merger of the two financial-services companies.
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Investors representing 85.1% of Capital One’s outstanding shares voted in favor of the deal, while stockholders representing 81.6% of outstanding Discover shares gave their approval, the companies said in a statement Tuesday.
“Stockholder approval marks an important milestone in the process to combine Capital One and Discover,” the firms said in the statement.
The shareholder votes are among several procedural hurdles the firms must clear before the acquisition can be completed. While the Delaware State Bank Commissioner signed off on the deal in December, the companies are still awaiting approval from the Federal Reserve and the Office of the Comptroller of the Currency.
Even if those regulators allow the transaction, the US Justice Department could sue to block it, though President Donald Trump’s return to office has eased some lingering doubts about the deal going through.
Capital One said in the statement that it expects the transaction to be completed early this year.
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