There’s more tough news for British payment player Monitise: It looks like Visa Europe will be further cutting its stake.
Five years ago, Visa grabbed up 14.4 percent of Monitise as part of a five-year, $13 million partnership deal that from Visa’s side never quite panned out. The firm has cut that percentage down over the last few years as Monitise has failed to hit several break-even targets as time has gone on.
Yesterday, sources at both firms confirmed Visa will reduce its remaining 5.3 percent (115,750,000 shares) of Monitise by sale, but gradually.
“Monitise and Visa Europe will continue to work together on a number of projects and services under the three-year commercial agreement which runs until [March 31, 2016]. Both parties look forward to working together for the duration of this commercial agreement and will assess on an ongoing basis opportunities to work together in [the] future,” the embattled Monitise noted in a statement.
Markets shrugged at the news, which had already been factored into the company’s share price.
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