DGAP-News: Wirecard AG strengthens its position as a leading provider in the European prepaid cards market
(firmenpresse) - DGAP-News: Wirecard AG / Key word(s): Mergers&Acquisitions
Wirecard AG strengthens its position as a leading provider in the
European prepaid cards market
16.12.2011 / 11:04
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-To acquire prepaid card portfolio of Newcastle Building Society, Great
Britain
-Prepaid cards currently issued in six European countries
Munich (Aschheim), Germany, December 16, 2011; Wirecard AG has today agreed
to acquire the prepaid card issuing business of Newcastle Building Society,
Great Britain. The prepaid card programme portfolio of Newcastle Building
Society is one of the largest in Europe and represents a significant part
of their business next to their core business of savings and mortgages
financing.
The acquisition of the prepaid card portfolio will be effected through a
newly founded UK subsidiary of the Wirecard group, Wirecard Card Solutions
Limited. The agreed cash purchase price amounts to GBP 7.5 million (approx.
EUR 8.9 million). Further earn-out payments of up to GBP 1.5 million
(approx. EUR 1.8 million) for 2012 and of up to GBP 1.0 million (approx.
EUR 1.2 million) for 2013 may be made, dependent upon the success of the
business.
Newcastle Building Society currently has issued around 1.5 million prepaid
cards in six European countries. The 24 employees currently employed in
Newcastle will be retained by Wirecard to continue operating the business.
Through this transaction Wirecard AG strengthens its position as a leading
provider in the European prepaid cards market. For the year 2012 the
executive board expects a contribution of the acquired business to the
Wirecard group EBITDA of at least GBP 1.5 million (approx. EUR 1.8
million).
The acquisition will happen in two phases: the first will involve Wirecard
Card Solutions Ltd. providing core functions to Newcastle Building Society
as an outsourcing service provider; and the second seeing Wirecard Card
Solutions Ltd. take full control of the business upon receipt of its
authorisation as an Electronic Money Institution from the UK Financial
Services Authority.
Dr. Markus Braun, CEO of Wirecard AG says: 'With this transaction we are
reinforcing our activities in Great Britain and pressing ahead with the
internationalisation in the field of prepaid cards. I am convinced that we
will not only successfully continue the existing sales partnerships, but we
will also further expand these through our expertise in the field of
innovative prepaid card solutions.'
The card programmes which have been taken over comprehend the whole range
of prepaid offers: Debit cards, gift and voucher cards for the trade as
well as various payment cards of MasterCard.
One of the sales partners is for example Tuxedo Money Solutions, who manage
card programmes for a number of household names in the UK. Other partners
are for example Flex-e-voucher Ltd., among other specialised in gift cards
for shopping centres or the German VoiceCash Services GmbH&Co. KG, which
recently announced a cooperation with a European telecommunications company
and the world's largest software company.
Contact:
Iris Stöckl
Dir. Investor/ Public Relations
Tel.: +49 (0)89-4424-1424
e-Mail: iris.stoeckl(at)wirecard.com
http://www.wirecard.com
ISIN DE0007472060
Reuters: WDI.GDE
Bloomberg: WDI GY
About Wirecard AG:
Wirecard AG is one of the leading international providers of electronic
payment and risk management solutions. Worldwide, the Wirecard Group
supports over 12,000 companies from various industry segments in their
efforts to automate their payment processes and minimize cases of default.
Wirecard Bank AG is a Principal Member of Visa, MasterCard and JCB and
operates as a credit card acquirer in 69 countries around the world,
involving over 100 transaction currencies and 18 payout currencies. Part of
the Wirecard Group, Wirecard Bank provides innovative solutions in the
fields of corporate banking, prepaid and co-branded cards, along with
account products for both business and private customers. Wirecard AG is
listed on the Frankfurt Securities Exchange (TecDAX, ISIN DE0007472060,
WDI).
www.wirecard.com | www.wirecardbank.com | www.mywirecard.com
End of Corporate News
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16.12.2011 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Wirecard AG
Einsteinring 35
85609 Aschheim b. München
Germany
Phone: +49 (0)89-4424 1400
Fax: +49 (0)89-4424 1500
E-mail: ir(at)wirecard.com
Internet: www.wirecard.com
ISIN: DE0007472060
WKN: 747206
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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150062 16.12.2011
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Unternehmensinformation / Kurzprofil:
Datum: 16.12.2011 - 11:04 Uhr
Sprache: Deutsch
News-ID 97805
Anzahl Zeichen: 6759
contact information:
Kategorie:
Business News
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