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Visa payment processing unit offers to acquire Earthport for £198M

Visa Inc. payment processing unit Visa International Service Association, or Bidco, has offered to acquire U.K.-based Earthport PLC for £198 million.

Bidco has offered 30 pence per share in the U.K.-based payment processing company. The offer price is a near 250% increase to the 6-month volume weighted average price of 8.6 pence per Earthport share as of Dec. 24. The price also represents an increase of 50% to the placing share price of 20 pence per Earthport share as of Oct. 4, 2017.

Earthport considered Visa's proposal to be "fair and reasonable" and said it would recommend that its shareholders accept the all-cash offer.

Rothschild & Co is advising Earthport on the deal and Goldman Sachs is advising Visa.