German based payment processor and financial service provider Wirecard AG (ETR: WDI) has sold its tech platform together with its tech assets to Spain based financial services provider Banco Santander SA (BME: SAN).
The sale was announced by Wirecard’s insolvency administrator Michael Jaffe “Banco Santander will acquire the technology platform of the payment service provider in Europe as well as all highly specialized technological assets,” said Jaffe.
On the other side, Banco Santander confirmed having agreed to buy several highly specialized technological assets across Europe from Wirecard with a sole aim of speeding its growth rate in the continent.
“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,” said Santander.
According to regulatory filing the deal is subject to several conditions and it’s expected to close before the year is over. Reliable sources have revealed that Santander has agreed to pay 100 million euros for acquisition of the tech assets.
Santander said it will absorb around 500 Wirecard employees who currently work under the acquired tech assets. These employees will join the global merchant services team of Santander.