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Evertec (EVTC), a payments business Popular started 25 years ago, filed a secondary offering with the Securities and Exchange Commission on Monday to sell 20 million shares, including 9 million shares currently held by the $37 billion-asset Popular.
September 10 -
Evertec Inc., a significant acquirer processor and card issuer in Latin America and the Caribbean region for 25 years, is casting part of its business as that market's Square Inc. and looking to supercharge its payments business after its April 12 initial public offering.
April 12 -
Popular in Puerto Rico is selling another book of loans as part of its attack on credit problems. The multimillion-dollar hit from the sale will be offset by a gain from the IPO of a payments processor.
May 14 -
Synovus Financial, which endured a drubbing from the economy while overcoming massive challenges, has a large to-do list if it wants to regain relevance.
July 29
A decision by Popular (BPOP) in San Juan, Puerto Rico, to reduce its stake in a former technology subsidiary could help it exit the Troubled Asset Relief Program.
Evertec (EVTC), a payments company Popular founded 25 years ago, filed a secondary offering with the Security and Exchange Commission to sell roughly 15.3 million shares, or more than $322 million of stock, at $21.09 a share.
Popular plans to sell about 5.8 million shares, or $122 million of stock. Brian Klock, an analyst at Keefe, Bruyette & Woods, wrote in a note to clients Thursday that the sale would reduce Popular's stake in Evertec to 14.8% from 21.3%. The sale could allow Popular to exit Tarp without having to sell its own common stock, Klock added.
Popular has $935 million of outstanding Tarp, representing the largest stake of any company remaining in the program.
Popular has already raised a portion of the money it would need to exit Tarp by whittling down its Evertec stake. It sold a 51% stake in the company to Apollo Management in 2010, and it
In September, Popular sold another block of Evertec stock
Popular has not stated what it plans to do with proceeds from the upcoming offering, though Klock wrote in his note that the sale "gives us additional conviction in our belief that exiting Tarp will likely be a near-term event."
