Warsaw, 03/06/2016 (ISBnews) – The European Commission has approved the terms of the acquisition of Visa Europe by Visa Inc., Visa said.
“Visa has already received all necessary consent of market regulatory authorities for the acquisition. the transaction should be closed by the end of June., until the end of the third quarter reporting Visa Inc – reads the release.
in November last. year Visa Inc. announced that it has entered into an agreement to acquire the shares of Visa Europe Ltd. are given then the closing of the transaction is expected in Q3 2016 years accounting Visa Inc. and is subject to receipt of applicable regulatory approvals.
According to the agreement, the transaction value is up to 21.2 billion euros and consists of the following elements:
– purchase price paid at closing of 16.5 billion euros and
– deferred payment type earn-out height up to 4.7 billion euros, which the members of Visa Europe Ltd. may receive on 4 anniversary of the closing of the transaction, depending on the achievement in perspective, 16 quarters of the objectives set out in the agreement.
the information is also given that the purchase price it is payable in cash in the amount of 11.5 billion euros and preferred shares convertible into ordinary shares of Visa Inc. worth up to 5 billion euros.
Visa Europe is an organization dedicated to payment technologies, is owned by the member institutions – banks and other providers of payment services from 38 countries, which supervises its management. The member institutions of Visa Europe deal with the release of payment cards and the provision of card acceptance services to retailers, as well as determine the level of fees charged to cardholders and points of service and trade. Visa Europe is also Europe’s largest provider of data processing transactions, which handles more than 18 billion transactions per year.
Visa Europe is working with Visa Inc. for the mutual acceptance of the global area of more than 200 countries and territories.
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