U.S. Bancorp Announces Proposed Sale of Elavon Mexico Operations to Santander

ATLANTA--(BUSINESS WIRE)--Elavon, global merchant acquirer and subsidiary of U.S. Bancorp (NYSE: USB), announced today that it has signed a purchase agreement to sell its Mexico-based operations to Santander.

“We are always looking at ways to optimize our existing operations to create value and invest for the future,” said Jamie Walker, CEO of Elavon. “We have been pleased with the performance of our business in Mexico. This agreement is a mutually-beneficial opportunity that will allow Santander to operate the business holistically and allow Elavon to focus investments in higher growth opportunities in other markets in the United States, Canada and Europe. Recently, we announced the acquisition of Sage Pay in our European market, focused on growth in eCommerce product and distribution.”

The transaction, which is expected to close in the next few weeks, is subject to regulatory approval.

All Elavon team members in Mexico, as well as operations and customer relationships, will transition to Santander as part of the deal.

This change does not impact other Elavon operations.

About Elavon
Elavon provides end-to-end payment processing solutions and services to more than 1.3 million customers in the United States, Europe, Canada, Mexico, and Puerto Rico. As the leading provider for airlines and a top five provider in hospitality, healthcare, retail, and public sector/education, Elavon’s innovative payment solutions are designed to solve pain points for businesses from small to enterprise-sized.

About U.S. Bancorp
U.S. Bancorp, with 74,000 employees and $495 billion in assets as of December 31, 2019, is the parent company of U.S. Bank National Association, the fifth-largest commercial bank in the United States. The Minneapolis-based bank blends its relationship teams, branches and ATM network with mobile and online tools that allow customers to bank how, when and where they prefer. U.S. Bank is committed to serving its millions of retail, business, wealth management, payment, commercial and corporate, and investment services customers across the country and around the world as a trusted financial partner, a commitment recognized by the Ethisphere Institute naming the bank a 2019 World’s Most Ethical Company. Visit U.S. Bank online or follow on social media to stay up to date with company news.