SAN FRANCISCO – Visa said yesterday it received clearance from the Securities and Exchange Commission for a complicated restructuring that will culminate in the cards giant going public. Visa now will seek approval from its member credit unions and banks to combine Visa USA, Visa Canada and Visa International for the restructuring, which will lead to an initial public offering. Under a complicated series of transactions, Visa will sell Class A shares to the public, Class B shares to U.S. credit union and bank members, and Class C shares to international financial institution members. It is unclear how much Visa plans to raise with the IPO, but it expected to be significantly more than the $2.5 billion raised by MasterCard in its 2005 IPO.
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