Visa to buy former subsidiary in Europe for 21.2 bln euros

Visa Inc said on Monday it would buy former subsidiary Visa Europe Ltd in a deal valued at up to 21.2 billion euros ($23.34 billion), putting the company in a stronger position to compete with MasterCard Inc.
Visa, the worldand’s largest credit and debit card company, said it would pay 16.5 billion euros up front, with potential for an additional payment of up to 4.7 billion euros based on revenue targets four years after the close of the deal. The upfront payment comprises 11.5 billion euros in cash and preferred stock convertible into Visa Inc class A common stock valued at 5 billion euros. Visa Inc will issue senior unsecured debt worth $15 billion-$16 billion to fund the cash portion of the deal and increase a buyback program for Class A common stock in 2016 and 2017 to offset the effects of issuing the preferred stock. The company, whose shares were down 1.3 percent at $76.54 in premarket trading, said it would buy back an additional $5 billion of shares in addition to a previously announced 17 percent increase in its quarterly dividend. Visa Inc and Visa Europe, a cooperative of European banks with over 500 million cards, were part of a global bank-owned network until 2007. Most of the units merged to form Visa Inc, which went public in 2008, leaving Visa Europe as a separate entity.
Barclays Plc is the most active bank in the Visa Europe network and stands to make the most among the banks that will share the proceeds of the buyout. More than 3,000 companies are expected to profit from the deal. Barclays could receive up to 1.2 billion euros in total, including upfront cash, deferred cash and payments in stock, depending on how the business and Visa Inc shares perform, a person familiar with the matter said. Barclays said in a statement that it expected to make a post-tax profit of about 400 million pounds ($618.6 million) next year when the takeover closes, ster Bandulent Arinandc and former Justice Minister Bekir Bozdai on social media.
Gezici was detained last October and his house in Adana was searched based on the andquotreasonable suspicionandquot clause that was introduced in a 2014 government judicial reform package.
Gezici was also accused of insulting Prime Minister Ahmet Davutoilu. However, the court ruled that his remarks were within the limits of criticism and the journalist was acquitted of the charges.
Gezici appealed the decision made by the Ankara 29th Penal Court of First Instance to the Council of State, but no decision has been reached and his prison sentence has been suspended while awaiting the verdict.


Related Post
نيكسن تاير تضع حجر الأساس لمركز تقنية إطاراتها الجديد في أوهايو بالولايات المتحدة المركز سيوفر
أبوظبي، الإمارات العربية المتحدة، 19 أكتوبر 2017 /PRNewswire/ — حصد أطفال المدارس الروس ثلاث ميداليات
جينيف، سويسرا، 20 أكتوبر 2017 /PRNewswire/ — ترقق العظام هو مرض خفي لا يخلو من