Santander Close to Buying Remainder of Wirecard Operations

Banco Santander SA is closing in on a purchase of Wirecard AG’s core business, according to people familiar with the matter, a move that would mark the final step of the failed German payment processor’s wind down.

The Spanish bank is likely to sign an agreement to acquire the main unit of Wirecard, which includes Wirecard Bank, as well as a few smaller German subsidiaries within the next couple of days, the people said, declining to be identified because the information is private.

No decision has been made and other bidders may restart discussions, they said. Lycamobile Ltd. is a potential suitor, according to earlier press reports. Santander declined to comment.

Santander may pay substantially more than the 100 million euros ($120 million) that the insolvency lawyer, Jaffe set as a minimum price, the people said. The other Wirecard operations in the possible sale include the acquiring and issuing business as well as the firm’s payment processing software.

Santander will likely continue Wirecard Bank’s operating business, the people said.

Since Wirecard failed in the summer, the firm’s insolvency lawyer has sold off its assets in pieces. The North American business was bought by to Syncapay, Inc. and the sale of its Brazil unit to PagSeguro is expected to close by the end of the month.

©2020 Bloomberg L.P.

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