EVERTEC, Inc. (EVTC) has entered into an Accelerated Share Repurchase agreement with Bank of America, N.A. by which the company will repurchase $70 million of its common stock. The ASR is expected to be completed by the third quarter of 2024.
Also, EVERTEC Board approved an increase to the share repurchase authorization to an aggregate $220 million and an extension to the expiration date to December 31, 2025. The ASR was executed under this increase. The company noted that, prior to this amendment, the share repurchase program had approximately $137 million remaining.
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