Visa Inc. (NYSE: V) announced the completion of its exchange offer for Class B-1 and Class B-2 common stock, which expired on May 8, 2026. The company accepted approximately 2.7 million shares of Class B-1 common stock and approximately 119.8 million shares of Class B-2 common stock in the exchange.

Under the exchange offer, participating holders received a combination of Visa's Class B-3 common stock, Class C common stock, and cash for fractional shares. The company will issue approximately 60.6 million shares of Class B-3 common stock and approximately 23.3 million shares of Class C common stock to complete the exchange.

The accepted shares represent approximately 98 percent of outstanding Class B-1 and B-2 shares combined, including approximately 55 percent of outstanding Class B-1 shares and over 99 percent of outstanding Class B-2 shares. Cash payments for fractional shares will be based on the Class A common stock closing price of $318.79 on the NYSE as of the expiration date.

The exchange offer allowed holders to convert their Class B common stock for other share classes within Visa's capital structure. Settlement of the exchange will be completed promptly, according to the company's announcement.

Visa engaged Equiniti Trust Company and Sodali & Co. as exchange agent and information agent respectively for the transaction. The exchange offer was conducted through a prospectus and related SEC filings, with all required regulatory documentation available through the Securities and Exchange Commission.