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Visa completes restructuring ahead of IPO

NEW YORK
Wed Oct 3, 2007 4:55pm EDT
A pedestrian is reflected in a window bearing stickers of various kinds of credit cards at a restaurant in Seoul May 21, 2003. REUTERS/Kim Kyung-Hoon

NEW YORK (Reuters) - Visa Inc., which plans to go public by early next year, said on Wednesday it completed a restructuring ahead of its initial public offering.

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The world's largest credit card network said it received broad member approval for transactions in which Visa Canada, Visa U.S.A. and Visa International have become subsidiaries of Visa Inc.

Visa Inc. said Visa Europe will remain a membership association and will become a licensee of, and own a minority interest in, Visa Inc.

San Francisco-based Visa first outlined plans in October 2006 to float a majority of the company, which has been owned by its member banks, in an initial public offering to be held within 12 to 18 months.

(Reporting by Mark McSherry)
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