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Report: Advent International planning IPO for Argentina's Prisma

U.S.-based Advent International Corp. plans to launch an initial public offering for Argentine payment processing firm Prisma Medios de Pago SA, El Cronista reported.

Clarín previously reported that Advent reached an agreement to acquire a 51% stake in Prisma for about $725 million.

"Advent always does the same when it buys a company: it transforms it from private to public by quoting it on the stock exchange, it makes a capital gain from its participation, and sometimes it keeps part of the shares to sell them later for a higher price," an executive of a company which was a potential buyer for Prisma told El Cronista.

Prisma, which manages the Visa card brand in Argentina, is owned by Visa International and 14 of the country's largest banks. It reportedly manages about 70% of all electronic payment transactions in Argentina. The company was previously reported to have been considering going public either on the New York Stock Exchange, on the local bourse or in Brazil, if its sale does not materialize.

Prisma's current owners have three years to sell the remaining 49% of the company, reports said.