10:25 AM EST, 03/06/2024 (MT Newswires) -- Evertec ( EVTC ) said Wednesday that it has entered into an accelerated share repurchase agreement with Bank of America ( BAC ) to buy back $70 million of its common shares.

The transaction is expected to close by Q3, according to the company.

Evertec's ( EVTC ) board also increased the share repurchase authorization to a total of $220 million with a new expiration date of Dec. 31, 2025, the company added.

Evertec ( EVTC ) shares were up 3.3% in recent trading.

Price: 38.13, Change: +1.21, Percent Change: +3.28