Evertec, Inc. (NYSE: EVTC) has announced an accelerated share repurchase (ASR) agreement with Bank of America, N.A. to repurchase $70 million of its common stock. The ASR is expected to be completed by the third quarter of 2024.
In addition, Evertec's board of directors has approved an increase in the share repurchase authorization to an aggregate of $220 million, with an extension of the expiration date to December 31, 2025. This ASR was executed under this increase. Prior to this amendment, the share repurchase program had approximately $137 million remaining.
Evertec, Inc. is a leading full-service transaction processor and financial technology provider in Latin America, Puerto Rico, and the Caribbean. It provides 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. The company also manages a system of electronic payment networks and offers a comprehensive suite of services for core banking, cash processing, and fulfillment in Puerto Rico, processing around six billion transactions annually. Moreover, the company offers financial technology outsourcing in all the regions it serves. Evertec 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.
Today the company's shares have moved 1.7% to a price of $37.55. For the full picture, make sure to review EVERTEC's 8-K report.
