Evertec enters $70M accelerated share repurchase agreement

Evertec announced that it has entered into an accelerated share repurchase, or ASR, agreement with Bank of America by which the company will repurchase $70M of its common stock. The ASR is expected to be completed by the third quarter. Additionally, the company’s board of directors approved an increase to the share repurchase authorization to an aggregate $220M and an extension to the expiration date to December 31, 2025. The ASR was executed under this increase. Prior to this amendment, the share repurchase program had approximately $137M remaining. The company may repurchase shares in the open market, through accelerated share repurchase programs, 10b5-1 plans, or in privately negotiated transactions, subject to business opportunities and other factors.