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September 2, 2015updated 04 Apr 2017 4:01pm

EVERTEC to buy 65% stake in Colombian payment processor Processa

EVERTEC, a payment processing and switching solutions provider in Puerto Rico, has agreed to acquire 65% of the share capital of Processa, a Colombian payment processor.

By Verdict Staff

EVERTEC, a payment processing and switching solutions provider in Puerto Rico, has agreed to acquire 65% of the share capital of Processa, a Colombian payment processor.

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EVERTEC will pay approximately $5.4m at current exchange rates to purchase Processa.

The deal is subject to customary closing conditions, including receipt of US federal bank regulatory approval.

EVERTEC said that the acquisition is also subject to customary termination provisions, including 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.

EVERTEC president and CEO Mac Schuessler 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."

EVERTEC offers a range of merchant acquiring, payment processing and business solutions services, while Processa provides electronic payments processing and business solution processing for financial institutions, nongovernmental welfare funds and merchants.

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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