Evertec buys 75% stake in Brazil's Tecnobank for $144 million
By Alberto Alerigi
SAO PAULO, Aug 21 (Reuters) - Puerto Rico-based financial technology firm Evertec EVTC.N will acquire a 75% stake in Brazilian firm Tecnobank in a deal valued at 787 million reais ($143.82 million), it said in a statement on Thursday.
Tecnobank operates a digital platform to process and finalize car loans online.
The agreement includes an option for Evertec to purchase the remaining 25% of Tecnobank in the future. The deal is expected to be finalized in the fourth quarter, pending regulatory approvals, including from Brazil's antitrust watchdog Cade.
The acquisition marks Evertec's latest strategic move in Brazil, deepening the company's push into Latin America's largest economy. In 2023, the firm also acquired Brazilian software companies Sinqia and PaySmart.
($1 = 5.4720 reais)
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