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 an announcement.
In another statement, Banco Santander stated it had agreed to acquire several highly specialised technological assets in the merchant payments industry of Wirecard in Europe, to accelerate its expansion plans in Europe.
The acquisition doesn’t include Wirecard businesses and Santander will not assume any legal liability relating to Wirecard AG and Wirecard Bank AG or its own past actions, Santander explained.
The deal is anticipated to be completed by the end of the year and can be subject to certain conditions, including regulatory approvals.
Around 500 Wirecard workers will combine Santander, the Spanish lender stated.
Most workers currently handling the acquired assets will become a part of Santander’s international merchant services team. This also applies to the majority of workers of Wirecard Bank AG.
A source familiar with the issue said Santander had agreed to cover 100 million euros for all those assets.
Results are expected within the upcoming weeks, Jaffe said.
The team at Platform Executive hope you have enjoyed this news article. Initial reporting via our official content partners at Thomson Reuters. Reporting by Edward Taylor in Frankfurt and Jesus Aguado in Madrid. Editing by Leslie Adler and Sonya Hepinstall.
Stay on top of the latest developments across the platform economy and gain access to our problem-solving tools, proprietary databases and content sets by becoming a premium member. Subscription plans start at under $7 per month.