EVERTEC gets go-ahead to close on Processa deal
EVERTEC CEO Mac Schuessler
Six months after announcing the deal, EVERTEC announced it received U.S. federal bank regulatory approval for the acquisition of 65 percent of the share capital of Processa S.A.S., a Colombian payment processing company that is based in Bogota.
The transaction revealed in September 2015 is subject to customary closing conditions and is anticipated to close at or about the end of the first quarter of 2016, EVERTEC officials said. The transaction will be completed with cash on hand, and was initially estimated at some $5.4 million.
“We’re pleased to receive federal approval for our transaction. This acquisition aligns well with our strategy to invest in the Colombian market and provides us with a platform to expand upon in the future,” said EVERTEC CEO Mac Schuessler.
Processa S.A.S is a diversified technology services company offering electronic payments processing and business solution processing for financial institutions, nongovernmental welfare funds and merchants.
Late last year, the parties agreed to extend for a month the contractually agreed upon period for each to satisfy all conditions to closing to December 2015. While two months late, the deal is now expected to go through.
