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Visa Reorganizes, Plans for IPO Visa, currently the world's largest credit card entity, has announced its plans to merge all its businesses except its Western European operations into the new Visa Inc, which will be sold to the public in an IPO. This announcement was influenced by MasterCard Inc.'s IPO four and a half months ago that sent stock in the company rocketing up 84 percent and gave MasterCard Inc. a market value of $10 billion. Visa customers spend approximately three times as much as MasterCard cardholders. Visa plans to use the funds raised through the IPO to pay for company growth in the highly competitive credit card market made more so by a 2004 court decision that ended Visa and MasterCard's iron control on bank-issued cards. Of the 1.58 billion Visa cards in use, sales totaling $4.27 trillion were generated last year. In comparison, MasterCard had 749 million cards for sales of $1.66 trillion. Those numbers equal a 65 percent market share for Visa in 2005 with MasterCard claiming 26 percent and American Express Co. only eight percent. More than 36 percent of those global sales can be attributed to Visa U.S. with Visa Europe racking up some 33 percent. In the U.S. Visa's market share was 51 percent and in Europe 74 percent. While the Visa IPO's primary purpose is to pay for growth and expansion in the company, Visa has also faced large settlements in a number of antitrust lawsuits and is currently embroiled in a series of cases pending in Brooklyn, New York. More Details... |
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