EVERTEC, a payment processing and switching solutions provider in Puerto Rico, has agreed to acquire 65% of the share capital of Processa, a Colombian payment processor.
EVERTEC will pay approximately $5.4m at current exchange rates to purchase Processa.
The deal is subject to customary closing conditions, including receipt of US federal bank regulatory approval.
EVERTEC said that the acquisition is also subject to customary termination provisions, including right of either EVERTEC or the selling shareholders to terminate the transaction if it has not closed within three months after signing of the share purchase agreement.
EVERTEC president and CEO Mac Schuessler said: "While this is a small transaction, it aligns well with our strategy to invest in the Colombian market and provides us with a platform to expand upon in the future."
EVERTEC offers a range of merchant acquiring, payment processing and business solutions services, while Processa provides electronic payments processing and business solution processing for financial institutions, nongovernmental welfare funds and merchants.