Evertec, a provider of payment processing and switching solutions in Puerto Rico, has wrapped up the previously announced acquisition of EFT Group, a Chile-based firm commercially known as PayGroup.

In June 2017, Evertec secured regulatory approval from the US federal bank for the acquisition of PayGroup.

At current exchange rates, the transaction has been valued at CLP25.47bn ($38.5m).

Evertec said that it will fund the transaction using a mixture of cash on hand and funds borrowed under the existing revolving line of credit.

PayGroup provides payment processing and software services targeted primarily to financial institutions across Latin America.

Evertec president and CEO Mac Schuessler said: “We are pleased to receive Federal approval for our transaction. This acquisition aligns well with our strategy to invest in the Latin American market and provides us with a foundation to expand upon in the future.”

Evertec offers a range of merchant acquiring, payment processing and business solutions services in Latin America. The company manages its businesses in 25 Latin American countries and serves a diversified customer base of financial institutions, merchants, corporations and government, among others.