Evertec, a payment processing and switching solutions provider in Puerto Rico, has received approval from US federal bank to acquire EFT Group, a Chile-based firm commercially known as PayGroup, for approximately $40m.
Evertec said it will fund the transaction using a combination of cash on hand and funds borrowed under the existing revolving line of credit.
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Payment processing and software company PayGroup primarily serves financial firms throughout Latin America.
Commenting on the deal, Evertec president and CEO Mac Schuessler said: “We are pleased to receive Federal approval for our transaction. This acquisition aligns well with our strategy to invest in the Latin American market and provides us with a foundation to expand upon in the future.”
Subject to customary closing conditions, the transaction is expected to close in the third quarter of 2017.
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