Global credit card giant, Visa Inc, has finally made public its attempt to purchase London-based Visa Europe Ltd., in a cash, stock, and earn-out deal valued at $23.4 billion. The deal will once again reunite Visa Inc. and its long lost counterpart Visa Europe, into a single global company.
Visa Inc and Visa Europe, a cooperative of European banks with more than 500 million cards, were part of a global bank-owned network until 2007. Prior to Visa Inc going public in 2008, many of its units have formed together, except for Visa Europe which is now also expected to join the bandwagon.
In a statement, Visa Europe Chief Executive Nicolas Huss said that by merging both companies it would ensure the "financial strength and operational scale necessary to accelerate the next generation of payments throughout Europe."
The deal, is expected to be approved by the legislature sometime prior to June 30th, 2016.
As of this morning, Shares of Visa, Inc fell $2.36 to $75.22. However, the stock is up 18% this year.
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