But many observers doubt that the newly minted unit would remain independent for long. Major banks and processors?including J.P. Morgan Chase & Co., Bank of America Corp., HSBC Holding PLC, and First Data Corp.?are said to be interested in acquiring Discover. Indeed, Bezard figures an acquisition could be announced within six months of the spin-off. Private-equity firms, he adds, might also be candidates to buy the company. To make a $14 billion prize more easily digestible to potential acquirers, Discover might end up being bought in two pieces, Bezard says, with a bank acquiring its receivables and a processor or private-equity firm taking the network. "You really have two different businesses," he says. Whether as an independent company or as part of a new parent, Discover's challenge will be to grow its network for both credit and debit card processing.