Visa Inc. announced that the European Commission has approved the proposed acquisition of Visa Europe Ltd. by Visa Inc.
Visa has now received all regulatory approvals required for the acquisition. The transaction has already been cleared by both the Jersey and the Turkish competition authorities. The transaction is expected to close in Visa Inc.’s fiscal third quarter of 2016. Visa will announce the closing once it has occurred.
Single Global Payments Company
End of December 2015, Visa Inc. and Visa Europe Ltd. announced a definitive agreement for Visa Inc. to acquire Visa Europe, creating a single global payments company. The transaction consists of €16.5 billion with the potential for an additional earn-out of up to €4.7 billion payable following the fourth anniversary of closing.
About Visa Inc.
Visa Inc. is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments.
Visa Inc. operates one of the world’s most advanced processing networks — VisaNet — that is capable of handling more than 65,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants.
Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, pay ahead with prepaid or pay later with credit products.
Sourced from Press Release by Visa Inc., June 3rd, 2016