Wachtell, MoFo Rep Capital One In $33B HSBC Deal

Law360, New York (August 10, 2011, 2:48 PM EDT) -- Capital One Financial Corp. announced Wednesday that it would pay a $2.6 billion premium to acquire HSBC Holdings PLC’s $30 billion stateside credit card business.

The deal hands Capital One HSBC’s domestic credit card portfolio for an 8.75 percent premium over the total loans, enabling the buyer to massively expand its credit card operations and allowing HSBC to shed its consumer lending in favor of corporate business.

“The acquisition of HSBC's domestic credit card business is an attractive strategic and financial opportunity in a business we...
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