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Visa acquires additional 9.9% stake in UK payments firm Earthport

Visa Inc., through wholly owned unit Visa International Service Association, bought an additional 9.9% stake in U.K. payments company Earthport PLC.

Visa bought 64,606,164 Earthport shares from the market at 37 pence each. It also received irrevocable undertakings from certain Earthport shareholders to acquire 108,772,265 additional shares, or 16.67% of Earthport. This gives Visa irrevocable undertakings to accept the offer for Earthport of 173,378,429 shares, or approximately 26.57%.

Additionally, Visa extended its offer to take over Earthport to April 30 after Mastercard Inc.'s rival offer lapsed. The U.S. company offered to pay 30 pence per Earthport share.

As of March 12, Visa said it has received valid acceptances for 267,738,249 Earthport shares of approximately 41.02% of the company's issued ordinary share capital.