Evertec, Inc. (NYSE: EVTC) today announced that its operating subsidiary, Evertec Group, LLC and the selling shareholders of Processa S.A.S agreed to extend the period in which the transaction must close before each party has the right to terminate the purchase agreement.
This period, which was set to end on December 28, 2015, has been extended to March 31, 2016. The purchase agreement provides for Evertec to acquire 65% of the share capital of Processa S.A.S., a Colombian payment processor company that is based in Bogotá.
The transaction is subject to customary closing conditions, including receipt of US federal bank regulatory approval. The Company is awaiting regulatory approval. Receipt of US federal bank regulatory approval is dependent on factors outside the control of Evertec. There is no assurance that such approval will be obtained prior to March 31, 2016 or at all.