VisaNet Brazil extends IPO deadline

VisaNet Brazil extends IPO deadline

Visa and a consortium of Brazilian banks have postponed a planned IPO of the national VisaNet system, according to a late-December filing with the country's securities regulator.

The Sao Paulo-based credit card company issued a preliminary prospectus for the float in September. The company, which is owned by Banco Bradesco, Banco do Brasil, Visa International, and Banco ABN Amro Real, has an estimated market value of some $18 billion.

The offering was "interrupted" at VisaNet's request, according to a 26 December statement on the Web site of the regulator, CVM. VisaNet now has an extended grace period of 60 days to turn around the paperwork and price the issue, or let the offer lapse, says the regulator.

VisaNet has declined to comment on its plans.

Comments: (0)