Popular’s $197 Million Acquisition of Evertec’s Assets

Latham & Watkins and O’Neill & Borges represented EVERTEC in the transaction.

EVERTEC, Inc. (NYSE: EVTC) has announced an agreement with Popular, Inc. (NASDAQ: BPOP) (Popular) to sell to Popular certain technology services assets for a purchase price of approximately US$197 million. The parties also agreed, conditioned on the closing of the asset sale, to modify and extend the main commercial agreements between the parties.   

EVERTEC, Inc. (NYSE: EVTC) is a leading full-service transaction processing business in Puerto Rico, the Caribbean and Latin America, 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. 

Popular, Inc. is a bank holding company that provides commercial banking services through branches in Puerto Rico, the British Virgin Islands, the Dominican Republic, and the United States mainland. The Company also provides mortgage and consumer finance, lease financing, investment banking, broker and dealer activities, retail financial services, and automated tellers.

Goldman Sachs & Co. LLC served as lead financial advisor to Evertec. Evercore also served as financial advisor to Evertec. 

Latham & Watkins LLP represented EVERTEC in the transaction with a corporate deal team led by New York partners Alex Kelly, Jenny Cieplak, and Peter Harwich, with associates Karen Song, Saba Yasmin and John McMillan. Advice was also provided on tax matters by New York partner Jocelyn Noll, with associate Sam Yang; on banking regulatory matters by New York partner Alan Avery and New York counsel Pia Naib; on benefits and compensation matters by New York partner Austin Ozawa; and on antitrust matters by Washington, D.C. partner Alan Devlin and Washington, D.C. counsel Peter Todaro, with associate Chris Brown.

Involved fees earner: Alan Avery – Latham & Watkins; Christopher Brown – Latham & Watkins; Jenny Cieplak – Latham & Watkins; Alexandra Croswell Kelly – Latham & Watkins; Alan Devlin – Latham & Watkins; Peter Harwich – Latham & Watkins; John McMillan – Latham & Watkins; Pia Naib – Latham & Watkins; Jocelyn Noll – Latham & Watkins; Austin Ozawa – Latham & Watkins; Karen Jinmeng Song – Latham & Watkins; Peter Todaro – Latham & Watkins; Sam Yang – Latham & Watkins; Saba Yasmin – Latham & Watkins;

Law Firms: Latham & Watkins;

Clients: Evertec Group, LLC;