Carey and Claro & Cía advised on the deal
EVO Payments, Inc. (NASDAQ: EVOP), (“EVO”) a leading global provider of payment technology integrations and acquiring solutions, formed a 10-year joint venture with Banco de Crédito e Inversiones (“Bci”), the third largest private bank in Chile. As a result of the joint venture, EVO will become the first international merchant acquirer to enter the Chilean market by partnering with a national financial institution.
Founded in 1937, Bci supports over 70,000 business customers and more than 325 retail branches throughout the country. Bci has a track record of payments innovation, evidenced by its leading mobile payment solution, MACH, that currently provides P2P payments for over 1 million subscribers.
The Chilean payments market was established with the creation of a single acquiring and issuing processor known as Transbank. Currently, Transbank provides essentially all acquiring and issuing services for banks in the market. Chilean regulators have recently announced legislation that will open the market for new entrants to create a broader set of products and services for merchants and their customers. As such, the joint venture will commence operations and begin to process for new merchants following closing.
Under the terms of the agreement, EVO will acquire a 50.1% ownership stake in the new joint venture. Bci will provide exclusive referrals from its existing customer base and any new bank relationships. The transaction is expected to close after receiving regulatory approval.
Carey advised Banco de Crédito e Inversiones with Diego Peralta (Picture) Francisco Ugarte, Diego Lasagna, Luciano Aguilera and Reiner Baack.
Claro & Cía. advised EVO with a team including José Luis Ambrosy, Josefina Ayala and María Jesús Argandoña
Involved fees earner: Luciano Aguilera – Carey; Reiner Baack – Carey; Diego Lasagna – Carey; Diego Peralta – Carey; Francisco Ugarte – Carey; José Luis Ambrosy – Claro y Cia; Josefina Ayala – Claro y Cia;