Visa Sells Shares of Brazilian Business in I.P.O.
Visa on Wednesday said that it had sold roughly 136.5 million shares VisaNet do Brasil through its Visa International subsidiary, in connection with the Brazilian unit’s initial public offering.
The company plans to keep about half of the roughly $1 billion proceeds from the sale of the VisaNet do Brasil shares. VisaNet, the credit card processor, raised 8.4 billion reais ($4.3 billion) in its initial public offering last month.
The Wall Street Journal reports that Visa Inc. (V) said its international arm's initial public offering in Brazil was the first IPO in the Brazilian market this year. For its offering, the credit-card transaction processing giant said it would retain about half of the proceeds after taxes, and said it would record a gain of about $235 million from the sale in its fiscal third quarter ended June 30.
The company said its subsidiary, Visa International, sold 136.5 million shares of VisaNet do Brasil in the IPO.
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