Bergen 29 June 2016: On 2 November 2015, Visa Inc. and Visa Europe Ltd. announced a transaction whereby Visa Inc. will acquire Visa Europe Ltd. (the "Transaction"). The Transaction consists of a cash consideration at closing, a deferred cash consideration payable after three years, and convertible preferred shares.
Skandiabanken ASA is a member the Norwegian association "Visa Norge FLI" ("Visa Norge") which is a shareholder of Visa Europe Ltd. Per 31 March 2016, Skandiabanken's fair value estimate of its share of the cash consideration and preferred shares was NOK 127 million.
Visa Norge has on 28 June 2016 confirmed Skandiabanken's share of the initial cash consideration to EUR 24.5 million. The effect on profit before tax from the initial cash consideration in 2nd Quarter 2016 will therefore be approximately NOK 230 million. The main reason that the cash consideration significantly exceeds the estimate per 31 March 2016 is that the bank's share of the total basis for distribution of proceeds in Norway is higher than originally estimated.
The quarterly report for 2nd quarter 2015, to be announced 12 August 2016, will contain a detailed disclosure of accounting and capital effects from the Transaction.
Contact information investor relations
Henning Nordgulen, CFO, Skandiabanken ASA, +47 952 65 990