According to a Bloomberg report this morning, the Japanese SoftBank Group Corp. has signed a memorandum of understanding with Wirecard to acquire a 5.6% stake in the public German internet payment company via a convertible bond. SoftBank allegedly agreed to provide $900 million. The companies also agreed on a strategic partnership for digital payments.
In SoftBank we have found a partner that shares both our passion for new technologies and drive to spearhead the latest innovations, all on a global scale
Wirecard CEO Markus Braun (Source: CNBC)
Under the agreement, Wirecard said it shall issue convertible bonds with a term of five years exclusively to an affiliate of SoftBank, convertible to 6,923,076 million ordinary shares at 130 euros per Wirecard share which is about the stock’s closing price on Tuesday in Germany.
The announcement comes one day before Wirecard is due to present its delayed annual results. Wirecard shareholders still have to approve the bond issuance on the group’s next annual shareholder meeting on June 18.
