Wirecard sees five-year profit potential of Softbank alliance at 209-273 million euros
FILE PHOTO: The headquarters of Wirecard AG, an independent provider of outsourcing and white label solutions for electronic payment transactions is seen in Aschheim near Munich, Germany April 25, 2019. REUTERS/Michael Dalder
Wirecard struck the partnership last month with Softbank, to which it is issuing 900 million euros in convertible bonds, and gave a first estimate of its profit potential in an invitation to its annual general meeting on June 18. Munich-based Wirecard, Germany’s largest fintech company, sees a present-value profit boost of up to 101 million euros over the five-year period in partnering with companies backed by Softbank, the world’s biggest tech investor.
Wirecard struck the partnership with Softbank as it seeks to shake off allegations of fraud and false accounting in a string of reports in the Financial Times that knocked up to $10 billion off its market value in the early months of this year.
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