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Table of Contents VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
September 30, 2012
The gain on other investments in fiscal 2011 primarily includes the pre-tax gain from the sale of the Company's equity interest
in Visa Vale issuer Companhia Brasileira de Soluções e Serviços, or CBSS, of $85 million . The gain on other investments in fiscal
2010 includes the pre-tax gain of $20 million related to the Company's investment in the Reserve Primary Fund.
Note 5—Acquisitions
The consolidated financial statements include the operating results of Fundamo, PlaySpan and CyberSource from the date of
the respective acquisition. None of the additional goodwill recognized in these acquisitions is expected to be deductible for tax
purposes.
Fundamo Acquisition
.
On June 9, 2011, the Company acquired Fundamo, a leading platform provider of mobile financial
services for mobile network operators and financial institutions in developing economies. The acquisition was made to accelerate
the execution of Visa's global strategy to provide for the next generation of payments solutions and to provide long-term growth
opportunities to connect billions of unbanked or under-banked consumers to each other and to the global economy with a secure,
reliable and globally accepted form of payment.
Total purchase consideration was $ 110 million , paid with cash on hand. The following table summarizes the purchase price
allocation.
PlaySpan Acquisition . On March 1, 2011, the Company acquired PlaySpan, a privately held company whose payments
platform processes transactions for digital goods in online games, digital media and social networks around the world. The
acquisition of PlaySpan was made to extend Visa's capabilities in digital, eCommerce and mobile commerce in order to expand the
scope of payment services available to clients and consumers.
The following table presents the total purchase consideration for the PlaySpan acquisition.
79
For the Years Ended
September 30,
2012
2011
2010
(in millions)
Interest and dividend income on cash and investments
$
17
$
16
$
26
Gain on other investments
17
92
20
Investment securities—trading:
Unrealized (losses) gains, net
9
(5
)
3
Realized gains (losses), net
(1
)
1
1
Investment securities—available-for-sale:
Realized gains (losses), net —
4
2
Other-than-temporary impairment on investments
(6
)
—
(
3
)
Investment income
$
36
$
108
$
49
Fair Value
(in millions)
Tangible assets, net
(1)
$
27
Finite-lived intangible assets with a weighted-average useful life of 5 years
5
Goodwill
80
Net deferred tax liabilities
(2
)
Net assets acquired
$
110
(1)
Tangible assets, net, include $ 25 million of technology assets acquired, which have a useful life of 5 years and are recognized
in property, equipment and technology, net, on the consolidated balance sheets.