Business
Popular Sells Shares of EVERTEC in Secondary Public Offering and in Private Sale to EVERTEC
SAN JUAN, Puerto Rico--(BUSINESS WIRE)-- Popular, Inc. (“Popular”) (NASDAQ:BPOP) completed the sale of its remaining 7,065,634 shares (the “Shares”) of
About this update from Popular, Inc.
[{"type":"text","content":" SAN JUAN, Puerto Rico--(BUSINESS WIRE)--\nPopular, Inc. (“Popular”) (NASDAQ:BPOP) completed the sale of its remaining 7,065,634 shares (the “Shares”) of common stock of EVERTEC, Inc. (“EVERTEC”) (NYSE:EVTC). Popular sold 6,262,293 of the Shares in an underwritten public offering of EVERTEC’s common stock. J.P. Morgan Securities LLC acted as sole book-running manager, BofA Securities, Goldman Sachs & Co. LLC and Morgan Stanley acted as lead managers and Hovde Group, LLC, Keefe, Bruyette & Woods, A Stifel Company, Piper Sandler and PNC Capital Markets LLC acted as co-managers for the underwritten public offering. Concurrently with the completion of the underwritten public offering, Popular completed a private sale of 803,341 of the Shares to EVERTEC. Following the sale of the Shares, Popular no longer owns any EVERTEC common stock.\n\nThe total cash proceeds received by Popular from the underwritten public offering and the private sale to EVERTEC were approximately $219.8 million. The combined transactions resulted in an after-tax gain of approximately $131 million. Popular intends to return to shareholders, via common stock repurchases, the after-tax gains resulting from the sale of the Shares.\n\nAbout Popular, Inc.\n\nPopular, Inc. is the leading financial institution in Puerto Rico, by both assets and deposits, and ranks among the top 50 U.S. bank holding companies by assets. Founded in 1893, Banco Popular de Puerto Rico, Popular’s principal subsidiary, provides retail, mortgage and commercial banking services in Puerto Rico and the U.S. Virgin Islands. Popular also offers in Puerto Rico auto and equipment leasing and financing, investment banking, broker-dealer and insurance services through specialized subsidiaries. In the mainland United States, Popular provides retail, mortgage and commercial banking services through its New York-chartered banking subsidiary, Popular Bank, which has branches located in New York, New Jersey and Florida.\n\nCautionary Note Regarding Forward-Looking Statements\n\nThis press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including without limitation those about Popular’s business, financial condition, results of operations, plans, objectives and future performance. These statements are not guarantees of future per...