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Barclays says stands to get 400 mln stg from Visa Europe deal

Reuters - UK Focus

LONDON, Nov 2 (Reuters) - Barclays Plc (LSE: BARC.L - news) said it expected to make a post-tax profit of about 400 million pounds ($618.6 million) when a takeover of Visa Europe by Visa Inc (Xetra: A0NC7B - news) . is completed, which it expects next year.

Visa Inc said on Monday it would acquire former subsidiary Visa Europe for 16.5 billion euros ($18.2 billion), with the potential for an additional payment of up to 4.7 billion euros.

The sum will be paid to more than 3,000 members of Visa Europe. Sources have previously told Reuters that Barclays is the biggest bank active in the Visa Europe network.

The bank said the upfront consideration receivable on completion will comprise cash and preferred stock convertible into Visa Inc. An additional deferred cash consideration may also be payable following the fourth anniversary of closing subject to an earn-out mechanism, the bank said.

($1 = 0.6466 pounds) (Reporting by Steve Slater, editing by Sinead Cruise)