Evertec, Inc. (EVTC) today announced that its operating subsidiary, EVERTEC Group, LLC, entered into an agreement on August 28, 2015 to purchase 65% of the share capital of Processa S.A.S., a Colombian company that is based in Bogotá and engaged in the business of payment processing and supply of related services and equipment in Colombia.
The aggregate purchase price for the shares equals approximately COP 16,728 million, or approximately US$5.4 million at current exchange rates, and is subject to customary adjustments.
Mac Schuessler, EVERTEC’s President and Chief Executive Officer, said, “While this is a small transaction, it aligns well with our strategy to invest in the Colombian market and provides us with a platform to expand upon in the future.”
The transaction is subject to customary closing conditions, including receipt of US federal bank regulatory approval. The transaction is subject to customary termination provisions, including the right of either EVERTEC or the selling shareholders to terminate the transaction if it has not closed within three months after signing of the share purchase agreement. Receipt of US federal bank regulatory approval is dependent on factors outside the control of EVERTEC. There is no assurance that such approval will be obtained within three months after signing of the share purchase agreement or at all.