EVERTEC Enters Into Accelerated Share Repurchase Agreement
March 06 2024 - 7:33AM
Business Wire
Increases Share Repurchase
Authorization
EVERTEC, Inc. (NYSE: EVTC) (“Evertec” or the “Company”) today
announced that it has entered into an Accelerated Share Repurchase
(ASR) agreement with Bank of America, N.A. by which the Company
will repurchase $70 million of its common stock. The ASR is
expected to be completed by the third quarter of 2024.
Additionally, the Company's Board of Directors approved an
increase to the share repurchase authorization to an aggregate $220
million and an extension to the expiration date to December 31,
2025. The ASR was executed under this increase. Prior to this
amendment, the share repurchase program had approximately $137
million remaining. The Company may repurchase shares in the open
market, through accelerated share repurchase programs, 10b5-1
plans, or in privately negotiated transactions, subject to business
opportunities and other factors.
About EVERTEC
EVERTEC, Inc. (NYSE: EVTC) is a leading full-service transaction
processor and financial technology provider in Latin America,
Puerto Rico and the Caribbean, providing a broad range of merchant
acquiring, payment services and business process management
services. Evertec owns and operates the ATH® network, one of the
leading personal identification number (“PIN”) debit networks in
Latin America. In addition, the Company manages a system of
electronic payment networks and offers a comprehensive suite of
services for core banking, cash processing and fulfillment in
Puerto Rico, that process approximately six billion transactions
annually. The Company also offers financial technology outsourcing
in all the regions it serves. Based in Puerto Rico, the Company
operates in 26 Latin American countries and serves a diversified
customer base of leading financial institutions, merchants,
corporations and government agencies with “mission-critical”
technology solutions. For more information, visit
www.evertecinc.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240305107089/en/
Investor Beatriz Brown-Sáenz (787) 773-5442
IR@evertecinc.com
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