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UPDATE 3-Visa to buy Visa Europe in deal worth up to 21.2 bln euros

* Upfront payment 16.5 bln euros, potential for 4.7 bln more

* Visa to issue senior unsecured debt worth $15-$16 bln

* Increases share buyback by $5 bln

* Visa shares down 2.7 pct premarket (Adds analyst, Lloyds Banking Group comments; updates shares)

Nov 2 (Reuters) - Visa Inc said on Monday it would buy former subsidiary Visa Europe Ltd in a deal valued at up to 21.2 billion euros ($23.34 billion), putting the company in a stronger position to compete with MasterCard Inc in Europe.

Visa Inc and Visa Europe, a cooperative of European banks with more than 500 million cards, were part of a global bank-owned network until 2007.

Most of the units merged to form Visa Inc, which went public in 2008, leaving Visa Europe as a separate entity.

Visa, the world's largest credit and debit card company, said it would pay 16.5 billion euros up front, with potential for an additional payment of up to 4.7 billion euros based on revenue targets four years...


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