SoftBank’s easy credit doesn’t extend to Wirecard AlecMac11
Japan’s SoftBank Group has agreed to invest roughly 900 million euros in Wirecard, the German payments company said in a statement on April 24.
Wirecard will issue five-year convertible bonds to SoftBank, which are convertible to 6.9 million ordinary shares – equivalent to about 5.6 percent of the company’s common stock based on the price at the time of the announcement – at 130 euros each. Wirecard’s shares closed at 123.50 euros on April 23, but jumped to 134.8 euros in early trading on April 24, up 9 percent.
As part of the investment, SoftBank will also support Wirecard’s expansion into Japan and South Korea and provide collaboration opportunities within the Japanese company’s portfolio in digital payments, data analytics and artificial intelligence, as well other digital-financial services. The partnership is also expected to extend to joint exploration of new product and service offerings in digital lending. Wirecard’s shareholders will vote on the deal at their annual meeting on June 18.
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