Visa 2015 Annual Report Download - page 104

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VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
September 30, 2015
amendment also provides that in the event of termination of the class Settlement Agreement, Visa and
MasterCard would make mutually acceptable arrangements so that Visa shall have received two-thirds
and MasterCard shall have received one-third of the total of (i) the sums paid to defendants as a result
of the termination of the Settlement Agreement and (ii) the takedown payments previously made to
defendants.
Potential Visa Europe Liabilities
On November 2, 2015, the Company and Visa Europe entered into a transaction agreement
pursuant to which the Company agreed to acquire Visa Europe. Closing of the acquisition is subject to
various conditions including regulatory approvals, and is expected to occur in the fiscal third quarter of
2016. Visa Inc., Visa Europe or their affiliates are, or may become, a party to certain existing and
potential litigation relating to the setting of multilateral interchange fee rates in the Visa Europe territory.
The background to the existing proceedings is within European Competition Proceedings and U.K.
Merchant Litigation in Note 20—Legal Matters. The Company has obtained certain protection in
respect of losses resulting from existing and potential litigation through the preferred stock and the U.K.
loss sharing agreement, and has agreed to certain terms regarding the conduct of such litigation, all of
which is conditioned on the closing of the acquisition of Visa Europe by the Company. See Note 2—
Visa Europe.
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