Investing.com - Visa said on Monday it would buy former subsidiary Visa Europein a deal valued at up to 21.2 billion euros, putting the company in a stronger position to compete with MasterCard in Europe.
Visa and Visa Europe, a cooperative of European banks with more than 500 million cards, were part of a global bank-owned network until 2007.
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 also said its fourth-quarter net income jumped to $1.51 billion, or 62 cents per share, in the third quarter, from $1.07 billion, or 43 cents per share, a year earlier.
Analysts on average had expected earnings of 63 cents per share per share.