Evertec, Inc. recently initiated a share purchase agreement with BBR SpA in Chile to acquire 100% of its outstanding shares.
“The acquisition of BBR complements our existing technology and product portfolio in Chile and opens the Peruvian market for Evertec,” Mac Schuessler, Evertec's president and CEO said.
The Santiago-based payment solutions and business technology company with existing operations in Peru has given up its shares for an aggregate purchase price of approximately $60 million.
The terms of the transaction are subjected to customary closing conditions, which include regulatory approval from the U.S. federal bank, but no deadline or guarantee to receive approval has been established.
Based in Puerto Rico, Evertec has now extended its tech services to financial institutions, merchants, corporations and government agencies across 16 Latin American countries. The company offers full-service transaction processing solutions, including “merchant acquiring, payment services and business process management services.”
Its local system of electronic payment network processes an average of three billion transactions per year.
“With this acquisition, we continue expanding our footprint and solidifying our position as a leading Latin American payment processing company,” Schuessler said.