Brief: Popular Renegotiates Commercial Contracts With Evertec

Popular

24/02/2022 21:50

Feb 24 (Reuters) - Popular Inc  BPOP.O :
    * POPULAR ENTERS INTO AGREEMENT TO ACQUIRE KEY CUSTOMER
CHANNELS;
RENEGOTIATES EXISTING COMMERCIAL CONTRACTS WITH EVERTEC
    * POPULAR INC -  TOTAL CONSIDERATION TO BE PAID FOR THE
TRANSACTION WILL BE $196.6 MILLION
    * POPULAR INC - BPPR ALSO WILL AMEND AND EXTEND THE
AGREEMENT THAT
GOVERNS ITS MERCHANT ACQUIRING RELATIONSHIP WITH EVERTEC
    * POPULAR INC - NEW AGREEMENT WILL PROVIDE BPPR WITH REVENUE
SHARING, STRENGTHENING BPPR’S RELATIONSHIP WITH EVERTEC IN
PAYMENTS.
    * POPULAR INC -   CONSIDERATION TO BE PAID BY DELIVERING
4,588,955
SHARES OF EVERTEC COMMON STOCK HELD BY POPULAR AND VALUED AT
$42.84 PER SHARE
    * POPULAR INC - POPULAR’S OWNERSHIP STAKE IN EVERTEC IS
EXPECTED
TO BE APPROXIMATELY 10.5%
    * POPULAR INC - EXPECTS TO SELL DOWN ITS STAKE IN EVERTEC
BELOW
4.5% FOLLOWING THE CLOSING
    * POPULAR INC - FINANCIAL EFFECT OF THE TRANSACTION IS
EXPECTED TO
BE ACCRETIVE DURING FUTURE YEARS

Source text for Eikon:  ID:nBw3fhXTBa 
Further company coverage:  BPOP.O 

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