Monday , November 30 2020

Visa business ceased to be banks

Visa business ceased to be banks

Prisma has sold 51% of its shares of Advent.

Prisma, the company that manages business Visa credit cards in Argentina sold 51% of its shares of Advent. As it turned out, the agreement was for and $ s 725 million people. The sum will be divided between the banks their own firms.

from The National Competition Commission and established January 23, 2019 as the deadline for banks to make a "deprivation of rights." In addition, banks now have three years to get rid of 49% of the remaining shares.

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Since Prisma bet that an agreement with Advent overestimates the value of the company. For this transaction, Prisma has been rated above U $ S 1.42 billion. At the same time, Advent is the idea of ​​increasing the value of companies in which it participates. Once this is achieved the goal despende them and take the appropriate gain.

It should be noted that banks were forced to part with Prisma after an investigation by the Protection of Competition (CNDC), who found that the company had a dominant position in the market of payment instruments.

on Clarí after some initial resistance, the financial institutions have agreed to sell the company, On Prisma spends about 70% of the payment transactions with electronic money Argentina. The annex to the credit card and debit Banelco ATM network management Visa, the system to pay their bills, e-payments and budget systems of all Lapos (device reads the card). If this were not enough, a few days ago they announced that they have purchased a license to operate Mastercard.

Currently, LOS Prisma major shareholders with a & # 39 are banks Santander Rio, Galicia, French of BBVA, province of Buenos Aires, Macro, HSBC and ICBCAll of them are sold in proportion to their current assets. This means that for each percentage point of return to the Advent, will receive 14.2 million.

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Lfor it is closely followed by the Government, Is that when something about the & # 39 announcement, the investment will show the world that foreign fund chose the country to do business.

Treasury also noted. Lyou should leave the banks to sell 30% of the utility of this surgery, AFIP tax income tax. The Prisma shares recorded in the books at very low values, the AFIP a good slice of that $ 725 million will.

Advent fund in Boston (USA) and has made other investments in Argentina. He already had a stake in the laboratories Fada Pharma and LKM, then Graffigna winery health care company Universal and OSA card. In addition, the region has investments in Peru, Colombia and Brazil.

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