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4/24, 8:23 AM (Source: TeleTrader)
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SoftBank to invest €900M in Wirecard

Wirecard AG announced on Wednesday that it signed an agreement with Japan's SoftBank Group Corp. under which SoftBank will invest about €900 million in the German fintech company via convertible bonds, as well as a memorandum of understanding on a strategic partnership on digital payment solutions.

Wirecard noted it will issue convertible bonds with a maturity of five years which will be available only to SoftBank and will convert to a 5.6% stake in Wirecard's common stock. The deal is still subject to Wirecard shareholders' approval, the company stressed.

Furthermore, the partnership will include SoftBank helping Wirecard extend its business into Japan and South Korea and providing "collaboration opportunities within SoftBank Group’s global portfolio in digital payments, data-analytics/AI and other innovative digital financial services."

Breaking the News / NP