US Bancorp, the parent company of Elavon, has agreed to divest its 50.1% stake in Sao Paulo-based Elavon do Brasil to Stone Pagamentos, a privately-held merchant acquirer.
Upon completion of the transaction, Elavon do Brasil will continue to offer the same service that merchant customers have come to expect as it transitions its operations to Stone.
Financial terms of the transaction have not been revealed. The transaction will have no material impact to US Bancorp.
Elavon offers end-to-end payment processing solutions and services to over 1.3 million customers in the US, Europe, Canada, Mexico, Brazil and Puerto Rico.