Payments processing firm Evertec has brokered a deal to acquire Chile-based payments solution and business technology provider BBR.

Under the agreement, Evertec will pay $60m (CLP48,600m) to acquire 100% of the outstanding shares of BBR, which also has operations in Peru.

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The transaction is subject to regulatory approvals, including approval by the US federal bank.

Evertec president and CEO Mac Schuessler said the deal will complement the company’s existing technology and product portfolio in Chile while expanding its operations to Peru.

Schuessler said: “The acquisition of BBR complements our existing technology and product portfolio in Chile and opens the Peruvian market for Evertec.

“With this acquisition, we continue expanding our footprint and solidifying our position as a leading Latin American payment processing company.”

Based in Puerto Rico, Evertec provides a range of merchant acquiring, payment processing services and business process management solutions.

The firm operates a system of electronic payment networks, which are said to process approximately three billion transactions per year. It also offers core bank processing, cash processing, and technology outsourcing services.

Evertec currently caters to merchants, financial institutions, corporations, and government agencies in 26 Latin American countries.

In December last year, cloud-based restaurant operating system provider LINGA partnered with Evertec to improve payment experience in Puerto Rican and Latin American regions.

In 2019, the firm bought gateway and payment service firm PlacetoPay to bolster its footprint in Latin America.

It acquired Chile-based PayGroup in July 2017.