Visa sells shares of Brazilian business under IPO

By Associated Press
July 1, 2009 | Comments (0)

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Visa Inc. on Wednesday said that through its international subsidiary, it has sold roughly 136.5 million shares of its Brazilian business in connection with its initial public offering.

The company plans to keep about half of the roughly $1 billion proceeds from the sale of the VisaNet do Brasil shares.

Visa said it will record a roughly $235 million gain from the sale for the quarter.

Shares of Visa fell $1.46 to close at $60.80 on Wednesday.

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