Visa will buy back its European counterpart, Visa Europe
One of the latest events in the world of mergers and acquisitions is that one of the largest payment networks has agreed to buy back its sister company to the tune of $23 billion. Visa and Visa Europe had initially operated as a united organization until they broke apart so that Visa could become an independent company in the New York Stock Exchange, according to CNN.
Now, eight years later, Visa will buy its counterpart, paying $12 billion of the multi-billion dollar amount up front in cash. While the payment company is already the largest in the world, this deal will make the company significantly larger, as the joined companies will now operate more than 2.9 billion cards, with approximately 88 billion transactions each year, according to The Tribune.
Visa's Chief Executive Officer stated that the company is very happy to once again bring together two incredibly successful payment processing companies. As far as whether or not the transition will significantly effect Visa customers, company officials state that it will not.
"For consumers, the merger of Visa and Visa Europe will not be a significant event," The Tribune writes. "Even though consumers interact with Visa nearly every day when they swipe their credit or debit cards, customers don't directly pay money to Visa to use the company's network."
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