JayLazarin
- JPMorgan Chase (NYSE:JPM) said on Monday that Visa (V) accepted its tender of 37.2M shares of Visa class B-1 common stock in the card network’s exchange offer, resulting in a gain of ~$8B for the bank relating to the Visa class C common stock, which is held at fair value.
- The Visa Class B-2 common stock is held at the nominal carryover basis of the tendered Visa Class B-1 common stock, JPMorgan (JPM) said.
- The Wall Street bank also said it plans to donate a portion of Visa (V) class C common stock with a value of ~$1B to the JPMorgan Chase Foundation. The donation will be recorded in non-compensation expense in 2024 and is expected to prefund JPMorgan’s (JPM) anticipated contributions to the Foundation for the next several years.
- Earlier, Visa (V) said it accepted a total of 240.7M shares of class B-1 common stock in the exchange offer.
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