Banking Recap

M&A Transaction Announced for $196.6M

Popular, Inc., the Puerto Rico-based bank holding company for Banco Popular de Puerto Rico (BPPR), entered into an Asset Purchase Agreement dated February 24, 2022 with Evertec, Inc. and its subsidiary Evertec Group, LLC, under which BPPR agreed to acquire certain information technology and related customer-channel assets that Evertec had been using to service BPPR, including the Mi Banco digital banking platform, a cash management online application, and other digital customer-service applications. The deal also included a renegotiation and extension of the parties' long-running Master Services Agreement, ATH Network Participation Agreement, and ISO merchant-acquiring agreement. Although framed as an asset purchase rather than a change-of-control merger, the transaction is a material, specific, dated transaction between two named public companies with disclosed consideration and timing.

Feb 24, 2022·SEC EDGAR (8-K)·pending regulatory·asset purchase agreement / channel asset acquisition

Deal value

The source for this record is Exhibit 2.1 to a Form 8-K filed by Popular, Inc. with the SEC on February 24, 2022, the full text of the Asset Purchase Agreement itself (filer CIK 0000763901, SIC 6022, bank holding companies). The companion press release and investor presentation filed the same day describe the commercial logic (accelerating Popular's digital transformation and resetting its vendor relationship with Evertec) but do not themselves name any advisors; the advisor disclosure comes from the agreement's own representations and warranties.

The Asset Purchase Agreement's brokers representation states that, apart from two named firms, no broker, finder or financial advisor is entitled to a fee in connection with the transaction based on arrangements made on behalf of the Seller (Popular and BPPR) or its affiliates. The agreement names those two firms as Goldman Sachs & Co. LLC and Evercore Group L.L.C., whose fees have been or will be paid by Seller. Because the clause is structured around the Seller's arrangements, both firms are recorded here as financial advisors on the seller side (Popular/BPPR), though the filing does not elaborate on which of the two, if either, was lead; no lead designation is given in the text.

No legal advisors to either party are named in the excerpted sections of the agreement reviewed for this record, so no legal advisor entries are included.

Under the deal's terms, Popular/BPPR will purchase the acquired IT and channel assets, and in consideration will transfer to Evertec Group shares of Evertec common stock with an aggregate value of $196,600,000, calculated at $42.84 per Evertec share, subject to customary purchase-price adjustments. The transaction reduces Popular's percentage ownership of Evertec common stock from roughly 16.2% to approximately 10.5% immediately after closing, with a further contemplated sell-down or conversion to non-voting preferred stock to below 4.5% voting ownership. Popular's investor materials indicated the closing was expected on or about June 30, 2022, subject to customary closing conditions including a non-control determination from the Federal Reserve.

Not disclosed in the reviewed materials: any enterprise-value or control-premium framing for the transaction (the agreement discloses only the $196.6 million consideration figure, denominated in Evertec stock, not a broader enterprise value); the specific legal counsel retained by either party; and whether Goldman Sachs or Evercore held a formally designated lead role. The actual closing date versus the originally targeted June 30, 2022 date was not confirmed in the documents reviewed.

Advisors

target

Goldman Sachsfinancial advisor (broker entitled to fee)view source →

“Except for Goldman Sachs & Co. LLC and Evercore Group L.L.C. (the fees of which have been or will be paid by Seller), no broker, finder, investment banker, agent or other Person is or shall be entitled to any broker’s, finder’s, financial advisor’s or other fee or commission in connection with the transactions contemplated hereby based upon arrangements made by or on behalf of Seller or any of its Affiliates.”

Evercorefinancial advisor (broker entitled to fee)view source →

Treasury yields

3-Month4.25%

2-Year4.81%

10-Year5.13%

30-Year5.42%

Source: U.S. Treasury, daily par yield curve · as of 10/21/2026