File - In this March 19, 2012 photo, a sign for Visa is shown in New York. Visa plans to buy Visa Europe in a cash-and-stock deal that could be worth more than $23 billion. (AP Photo/Mark Lennihan)
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Visa Inc. said Monday it would buy former subsidiary Visa Europe Ltd.Visa Inc. and Visa Europe, a cooperative of European banks with more than 500 million cards, were part of a global bank-owned network until 2007 . Visa, the world's largest credit and debit card company, said it would pay 16.5 billion euros up front, with potential for an additional payment of up to 4.7 billion euros based on revenue targets four years after the close of the deal.Barua added, however, that it would not be surprising if Visa tried to boost fee margins at the expense of the banks, now that the banks are external to Visa's payment system.
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