U.S. Bancorp to Sell Elavon Mexico Operations to Santander

Date : 02/24/2020 @ 3:14PM
Source : Dow Jones News
Stock : Banco Santander SA (SAN)
Quote : 2.22  -0.07 (-3.06%) @ 8:30PM

U.S. Bancorp to Sell Elavon Mexico Operations to Santander

Banco Santander (NYSE:SAN)
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By Michael Dabaie

 

U.S. Bancorp said its Elavon subsidiary agreed to sell its Mexico-based operations to Santander.

The deal is expected to close in the next few weeks, U.S. Bancorp said. All Elavon team members in Mexico, as well as operations and customer relationships, will transition to Santander as part of the deal. Elavon provides payment processing solutions and services.

Santander Group said it would acquire Elavon Mexico for about $86 million.

Elavon Mexico operates Banco Santander's merchant acquiring business in Mexico, a relationship which dates back to 2010, Santander said.

 

Write to Michael Dabaie at michael.dabaie@wsj.com

 

(END) Dow Jones Newswires

February 24, 2020 09:59 ET (14:59 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.

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