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Banco Popular Espanol SA And EVO Payments International Agree to Form Merchant Acquiring Joint Venture in Spain

Friday, 28 Dec 2012 02:01am EST 

Banco Popular Espanol SA (Banco Popular) announced that it has reached an agreement with EVO Payments International to form a joint venture to provide merchant acquiring services to the Spanish market. Under the proposed transaction, EVO Payments International will acquire a controlling interest in Banco Popular's merchant acquiring business in Spain. In addition, the Bank and EVO will enter a ten year marketing alliance in which the Bank will exclusively refer its merchant customers to the joint venture for merchant acquiring services, as well as provide card network sponsorship. The transaction is subject to regulatory approvals and is expected to be completed by the end of the first half of 2013. The proposed joint venture is valued at EUR 73 million. 

Company Quote

-0.219 -4.48%
10:20am EDT