Visa (V) Sells 136M Shares of VisaNet do Brasil
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Visa Inc. (NYSE: V) announced that Visa International, its wholly-owned subsidiary, sold 136,478,372 shares of Companhia Brasileira de Meios de Pagamento, in connection with VisaNet do Brasil's June IPO. Visa's proceeds from the sale, net of underwriter discounts and fees, are approximately US$1 billion based on current exchange rates. Of the $1 billion in proceeds, the Company will retain about half after applicable taxes. Visa will record a GAAP gain from the sale in the quarter ended June 30, 2009, net of tax, of approximately $235 million. The gain reflects Visa International's recorded book value of $535 million, which is comprised of a cash investment of $18 million made in April 2008 and $517 million recorded through GAAP purchase accounting treatment as part of Visa's reorganization in October 2007.
The VisaNet do Brasil shares have been offered in the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and outside the United States pursuant to Regulation S under the Securities Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, the VisaNet do Brasil shares in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The VisaNet do Brasil shares have not been and will not be registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. Any public offering of VisaNet do Brasil shares to be made in the United States will be made by means of a prospectus which may be obtained from VisaNet do Brasil or a selling shareholder and which will contain detailed information about VisaNet do Brasil and management, as well as financial statements.
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