NEW YORK – Visa announced yesterday that it is planning a series of restructuring moves that will ultimately result in the sale of shares through an initial public offering (IPO) in the next 12 to 18 months and would include most of the company’s operating units worldwide.

However, as part of the restructuring, Visa Europe will retain its member association structure and be owned and controlled by its European member banks.

On its Web site, Visa announced, “To accelerate its growth and better serve members, merchants and cardholders, Visa intends to change its structure from a membership association to a global public corporation, called Visa Inc.”

“Visa expects the proposed restructuring will best position the company to meet the evolving needs of its customers and accelerate its growth by improving organizational efficiency, reducing potential legal risk that exists in some markets, and increase access to capital,” added the statement.

The IPO is subject to approval by Visa’s member banks and a series of mergers of the company’s operating units, meaning the IPO is at least a year off, according to a Visa spokesperson.

MasterCard, Visa’s rival, obtained its IPO in May 2006.

Both Visa and MasterCard face lawsuits from various groups filed by numerous merchants – including NACS – and analysts suggest that the companies face legal liabilities that could be billions of dollars.

Reuters reports that Visa announced that as part of the restructuring, its board would be comprised of a majority of independent directors. It is searching for those directors and for a chief executive for Visa Inc., it said.