Evertec agrees to acquire Chilean payments and technology company, BBR, SpA
Evertec today announced that it entered into a share purchase agreement to acquire 100% of the outstanding shares of BBR SpA (“BBR”) a Santiago, Chile based payment solutions and business technology company with operations in Peru. The aggregate purchase price for the shares is CLP 48,600 million, approximately USD$61 million at current exchange rates and is subject to customary adjustments.
Evertec announces extensions of key agreements with Popular and sale of certain assets
SAN JUAN, PUERTO RICO – February 24, 2022 – EVERTEC, Inc. (NYSE: EVTC) (“Evertec”) and its main operating subsidiary, Evertec Group, LLC (“Evertec Group”) today announced an agreement with Banco Popular de Puerto Rico (“BPPR”) and its parent, Popular, Inc. (NASDAQ: BPOP) (“Popular”) to modify and extend the main commercial agreements which had an initial term ending in 2025. These include a 10-year extension of the Merchant Acquiring Independent Sales Organization Agreement (the “ISO Agreement”), a 5-year extension of the ATH Network Participation Agreement and a 3-year extension of the Master Services Agreement (the “MSA”). The ISO Agreement, which sets our merchant acquiring relationship with BPPR, will now include revenue sharing provisions with BPPR. The MSA modifications include the elimination of the exclusivity requirement, the inclusion of annual MSA minimums through 2028 and adjustments to the existing CPI pricing escalator clause.