Visa Inc said on Monday it would purchase 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 in Europe.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.Most of the units merged to form Visa Inc, which went public in 2008, leaving Visa Europe as a separate entity. Visa, the world'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.
Visa Inc. is a payments technology company. The Company is engaged in operating a processing network, VisaNet, which facilitates authorization, clearing and settlement of payment transactions across the world. Shares of V fell by 3.1243% or $-2.4238/share to $75.16. In the past year, the shares have traded as low as $59.75 and as high as $78.89. On average, 8703160 shares of V exchange hands on a given day and today's volume is recorded at 15590766.