<SEC-DOCUMENT>0001193125-26-215872.txt : 20260511
<SEC-HEADER>0001193125-26-215872.hdr.sgml : 20260511
<ACCEPTANCE-DATETIME>20260511090751
ACCESSION NUMBER:		0001193125-26-215872
CONFORMED SUBMISSION TYPE:	425
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20260511
DATE AS OF CHANGE:		20260511

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VISA INC.
		CENTRAL INDEX KEY:			0001403161
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				260267673
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		425
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33977
		FILM NUMBER:		26961125

	BUSINESS ADDRESS:	
		STREET 1:		P.O. BOX 8999
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94128-8999
		BUSINESS PHONE:		650-432-3200

	MAIL ADDRESS:	
		STREET 1:		P.O. BOX 8999
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94128-8999

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Visa Inc.
		DATE OF NAME CHANGE:	20070614

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VISA INC.
		CENTRAL INDEX KEY:			0001403161
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				260267673
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		425

	BUSINESS ADDRESS:	
		STREET 1:		P.O. BOX 8999
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94128-8999
		BUSINESS PHONE:		650-432-3200

	MAIL ADDRESS:	
		STREET 1:		P.O. BOX 8999
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94128-8999

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Visa Inc.
		DATE OF NAME CHANGE:	20070614
</SEC-HEADER>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Filed by Visa Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>pursuant to Rule 425 under the Securities Act of 1933, as amended </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Subject Company: Visa Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Commission File No.: <FONT STYLE="white-space:nowrap">001-33977</FONT> </B></P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="right">


<IMG SRC="g110536g0508105228167.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">News Release
</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Visa Announces Expiration and Results of
Exchange Offer for <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> and Class&nbsp;B-2 Common Stock </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SAN FRANCISCO &#8211; May&nbsp;11, 2026 &#8211; Visa (NYSE:V) today announced that its Exchange Offer for
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> and <FONT STYLE="white-space:nowrap">B-2</FONT> common stock expired on May&nbsp;8, 2026. The Exchange Offer allowed each participating holder of&nbsp;Class&nbsp;B&nbsp;common stock to exchange
their shares of Class&nbsp;B common stock for a combination of Visa&#8217;s <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock, Visa&#8217;s Class&nbsp;C common stock and, where applicable, cash in lieu of fractional shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Today, Visa has accepted approximately 2.7 million&nbsp;shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock and approximately 119.8
million&nbsp;shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock tendered in the Exchange Offer. Based on the number of shares that were tendered, Visa will issue in exchange:
<SUP STYLE="font-size:75%; vertical-align:top">1</SUP> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">approximately 60.6 million&nbsp;shares of <FONT STYLE="white-space:nowrap">Class&nbsp;B-3</FONT> common stock;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">approximately 23.3 million&nbsp;shares of Class&nbsp;C common stock; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">in lieu of issuing fractional shares, Visa will pay cash based on the reported closing Class&nbsp;A common stock
price on the NYSE as of the expiration date of $318.79. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The accepted stock includes approximately 98 percent of outstanding Class B-1
and B-2 shares, representing approximately 55 percent of outstanding Class B-1 shares and over 99 percent of outstanding Class B-2 shares. Settlement of the exchange will be made promptly. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About Visa </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Visa (NYSE: V) is a world leader in digital
payments, facilitating transactions between consumers, sellers, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and
secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at
<U>Visa.com</U>. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Additional Information and Where to Find It </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Exchange Offer was made solely by the Prospectus. Visa has also filed with the SEC a Schedule TO, which contains important information about the Exchange
Offer. Copies of the Prospectus, the Registration Statement, the Schedule TO, the Letter of Transmittal and other related documents, and any other information that Visa files electronically with the SEC, may be obtained free of charge at the
SEC&#8217;s website at www.sec.gov. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Visa has engaged Equiniti Trust Company, LLC and Sodali&nbsp;&amp; Co. to act respectively as exchange agent and
information agent for the Exchange Offer. To obtain copies of the Prospectus, the Letter of Transmittal and other related documents and for questions about the terms of the Exchange Offer, you may contact the Information Agent toll-free at <FONT
STYLE="white-space:nowrap">(800)&nbsp;662-5200</FONT> (for&nbsp;stockholders) or <FONT STYLE="white-space:nowrap">(203)&nbsp;658-9400</FONT> (for&nbsp;banks and brokers).
</P><DIV STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</DIV>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:75%; vertical-align:top">1</SUP></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">As of the expiration date, the applicable Conversion Rate for the
<FONT STYLE="white-space:nowrap">Class&nbsp;B-1</FONT> common stock, <FONT STYLE="white-space:nowrap">Class&nbsp;B-2</FONT> common stock and Class&nbsp;C common stock was 1.5475 shares of Class&nbsp;A common stock, 1.5075 shares of Class&nbsp;A
common stock and 4 shares of Class&nbsp;A common stock, respectively. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Forward-Looking Statements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This communication contains forward-looking statements that relate to, among other things, the consummation of the Exchange Offer. Forward-looking statements
generally are identified by words such as &#8220;anticipates,&#8221; &#8220;believes,&#8221; &#8220;estimates,&#8221; &#8220;expects,&#8221; &#8220;intends,&#8221; &#8220;may,&#8221; &#8220;projects,&#8221; &#8220;outlook,&#8221;
&#8220;could,&#8221; &#8220;should,&#8221; &#8220;will,&#8221; &#8220;continue&#8221; and other similar expressions. All statements other than statements of historical fact could be forward-looking statements, which speak only as of the date they
are made, are not guarantees of future events and are subject to certain risks, uncertainties and other factors, many of which are beyond Visa&#8217;s control and are difficult to predict. Except as required by law, Visa does not intend to update or
revise any forward-looking statements as a result of new information, future events or otherwise. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>No Offer or Solicitation </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This communication is for informational purposes only and is not intended to and does not constitute an offer to subscribe for, buy or sell, the solicitation
of an offer to subscribe for, buy or sell or an invitation to subscribe for, buy or sell any securities or the solicitation of any vote or approval in any jurisdiction pursuant to or in connection with the Exchange Offer or otherwise, nor shall
there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section&nbsp;10 of the Securities Act of
1933, as amended, and otherwise in accordance with applicable law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Contacts: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Investor Relations: InvestorRelations@visa.com </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Media Relations:
Press@visa.com </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
