Evertec will pay R$ 27.19 ($5.67) per share alongside a daily “ticking fee” of up to R$1.00 ($0.21) per share based on the daily SELIC rate published by the Central Bank of Brazil.
The transaction has been approved unanimously by the boards of directors of both Evertec and Sinqia. It is expected to be completed during Q4 2023.
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As of 19 July, Sinqia had an equity valuation of R$2.36bn ($485m) and an enterprise value of R$2.83bn ($591m). Evertec intends to finance the purchase with cash and committed financing of $600m.
“Sinqia is a leader in providing software to the financial services industry in Brazil with an impressive history of delivering organic and inorganic growth”, said Mac Schuessler, president and CEO of Evertec. “This is a highly complementary transaction, and together we plan to bring Evertec payments solutions to Brazil and Sinqia’s strategies to our Latin American markets.”
Expansion in Latin America
Evertec’s announcement of purchasing Sinqia follows a series of purchases and partnerships signed with other Latin American companies.
In February 2022, the transaction processing company signed a deal to buy Chilean payments and tech firm BBR for $60m. Schuessler said at the time that the deal would complement the company’s existing technology and product portfolio in Chile while expanding its operations in Peru.
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By GlobalDataIn December 2021, cloud-based restaurant operating system (rOS) provider LINGA selected Evertec to improve payment experience in Puerto Rican and Latin American regions.
Sinqia provides payment solutions to over 900 customers in Brazil. Its CEO Bernardo Gomes welcomed the purchase.
“We are excited about the opportunity to join the Evertec family. Our strategy, operating philosophy, along with results-driven culture will align well with Evertec and ensure a smooth integration”, said Gomes. “Combining our companies will enhance services for both of our growing customer bases as well as provide opportunities for our team members as Evertec continues to expand in attractive markets with strong macro tailwinds.”
