Visa’s Board of Directors authorized a successive exchange offer for its Class B common stock on February 13, 2026.
The decision follows a significant reduction in estimated interchange reimbursement fees related to U.S. litigation. These fee estimates decreased from approximately $49.6 billion to $39.4 billion.
The proposed offer allows holders of Class B-1 and B-2 shares to exchange their positions for a combination of restricted Class B-3 stock and freely transferable Class C stock.
This announcement does not constitute a formal offer to exchange shares. The transaction will proceed only after the SEC clears a Form S-4 registration statement and remains subject to market conditions.