Visa to Pay $2 Billion for CyberSource
Visa Inc. (V) has agreed to pay $2 billion for CyberSource Corp. (CYBS), a provider of electronic-payment security services to online merchants.
Visa will pay $26 a share using cash on hand, a 34 percent premium to CyberSource’s closing price Tuesday. CyberSource’s price was last at that level a decade ago, when the stock traded above $65 at the height of the Internet bubble.
“Online commerce continues to grow rapidly, and this acquisition will enable Visa to offer new and enhanced services that will better meet the growing demand among merchants globally for robust, secure online payment processing capabilities which in turn will grow the entire eCommerce category,” said Visa Chairman and Chief Executive Joseph W. Saunders.
