Visa announces expiration, results of exchange offer

Visa (V) announced that its Exchange Offer for Class B-1 and B-2 common stock expired on May 8, 2026. The Exchange Offer allowed each participating holder of Class B common stock to exchange their shares of Class B common stock for a combination of Visa’s Class B-3 common stock, Visa’s Class C common stock and, where applicable, cash in lieu of fractional shares. Visa has accepted approximately 2.7 million shares of Class B-1 common stock and approximately 119.8 million shares of Class B-2 common stock tendered in the Exchange Offer. Based on the number of shares that were tendered, Visa will issue in exchange: approximately 60.6 million shares of Class B-3 common stock; approximately 23.3 million shares of Class C common stock; and in lieu of issuing fractional shares, Visa will pay cash based on the reported closing Class A common stock price on the NYSE as of the expiration date of $318.79. The accepted stock includes approximately 98 percent of outstanding Class B-1 and B-2 shares, representing approximately 55 percent of outstanding Class B-1 shares and over 99 percent of outstanding Class B-2 shares. Settlement of the exchange will be made promptly.