Business

Santander buys Wirecard's tech assets and platform

Wirecard's assets from subsidiaries in Brazil, Romania and North America have already been sold

The headquarters of Wirecard AG, an independent provider of outsourcing and white label solutions for electronic payment transactions is seen in Aschheim near Munich, Germany, September 22, 2020. Photo: REUTERS/Michael Dalder/File Photo
  • Assets from Wirecard subsidiary in Brazil have already been successfully sold;
  • In Brazil, Wirecard has big clients such as Natura.

Wirecard‘s insolvency administrator Michael Jaffe on Monday said the payment system provider’s technology platform had been sold to Spain’s Banco Santander.

“Banco Santander will acquire the technology platform of the payment service provider in Europe as well as all highly specialized technological assets,” Jaffe said in a statement.

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In a separate statement, Banco Santander said it had agreed to acquire several highly specialised technological assets from the merchant payments business of Wirecard in Europe, to accelerate its growth plans in Europe.

The acquisition does not include Wirecard companies and Santander will not assume any legal liability relating to Wirecard AG and Wirecard Bank AG or its past actions, Santander said.

The deal is expected to be completed by the end of the year and is subject to certain conditions, including regulatory approvals.

Around 500 Wirecard employees will join Santander, the Spanish lender said.

Most employees currently managing the acquired assets will become part of Santander’s global merchant services team. This also applies to the majority of employees of Wirecard Bank AG.

A source familiar with the matter said Santander had agreed to pay around €100 million for those assets.

Currently, investor processes are still underway for the sale of other Wirecard subsidiaries in Asia, South Africa and Turkey, Jaffe said, adding that assets from subsidiaries in Brazil (where it has large clients such as the Brazilian cosmetics Natura), Romania and North America have already been sold.

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Results are expected within the next weeks, Jaffe said.

(Co-written by LABS)