Payments service provider EVO Payments International has acquired a controlling interest in Banco Popular’s merchant acquiring business in Spain.
The acquisition is part of an agreement signed by both the parties to form a joint venture to provide merchant acquiring services to the Spanish business.
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According to EVO Payments, the merchant acquiring business of Banco Popular will now operate under the new name Popular Payments. The joint venture is valued at 73m and is expected to generate extraordinary income of approximately 68m.
Additionally, the bank has signed a ten-year marketing alliance through which its customers will be directed to receive merchant acquiring services from the joint venture.
EVO Payments CEO, James Kelly, said that the firm will provide new products and services to the bank’s existing and future merchant customers in Spain.
Banco Popular general manager, José Ramón Alonso, said: "This arrangement is in line with our strategic objective of establishing long-term alliances with premier global companies, and we look forward to leveraging EVO’s expertise and economies of scale.
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By GlobalData"The goal of both organizations is to provide leading edge products and services via the Bank’s extensive branch network in Spain."
