Visa Inc. (NYSE:V) signed a definitive agreement to acquire Featurespace from Chrysalis Investments Limited (LSE:CHRY), Highland Europe (UK) LLP, IP Group Plc (LSE:IPO), Insight Venture Management, LLC, MissionOG Capital, LLC, and TTV Capital LLC on September 26, 2024. As a result, IP Group expects to receive £134 million total cash for its holding in Featurespace. Of this, £119 million will be received on completion and £15 million will be subject to deferral, as is typical for an acquisition of this type.

The Directors anticipate that the transaction will result in an increase from the Group?s FY23 net asset value of approximately £51 million (a 70% increase), of which £37 million was recognised in our HY24 results. The transaction is subject to customary closing conditions, including receipt of applicable regulatory approvals. The transaction is expected to close in fiscal year 2025 and will provide significant benefits to financial institutions, consumers, and the wider payments industry.

Citi is acting as the exclusive financial advisor and Martin W. Korman, Ross Davies, Jamillia P. Ferris, Deirdre Carroll, Jindrich Kloub, Kimberley Biagioli, Michael S. Casey, Seth Cowell, Emma Game, Myra A. Sutanto Shen, Sarah Lane, Fleur Benns, Jess Cheng, Martin Luff, Matt Gorman, Andrew Poling, Matthew (Matt) Staples and Nikolaos Theodorakis of Wilson Sonsini Goodrich & Rosati as legal counsel for Featurespace. Willkie Farr & Gallagher LLP (U.K.) acted as legal advisor to Insight Venture Management, LLC. Andrew Boyd of Morrison Foerster acted as legal advisor to Visa.