Wirecard acquires Trustpay portfolio

Source: Wirecard

Frankfurt Stock Exchange TecDax listed Wirecard AG has agreed today to acquire a European customer portfolio for electronic payment processing.

The acquisition includes several payment service providers (PSP) operating in different European countries, including a customer base of approx. 1,000 agreements. These customers are internet merchants mainly in the areas of consumer goods, digital goods and airline/travel primarily focussing on the markets in Western and Central/Eastern Europe. Wirecard AG will acquire all shares outstanding in Trustpay International AG, holding all shares in the payment service providers.

The total consideration will be approx. 48 million EUR. The utmost part will be paid in cash and will be due for payment in two nearly equal instalments, the first rate as of closing in the course of this month, the second instalment as of October 30, 2008. The management board of Wirecard intends to partially finance the purchase price by debt.

Wirecard AG expects this acquisition to increase the company's EBIT per year beginning in 2008 by at least 5 million EUR, taking into account synergies.

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