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Santander buys assets from Wirecard, as failed payments company is wound down

November 17, 2020, 10:17 AM UTC

Banco Santander SA agreed to buy highly specialized technology assets from Wirecard AG, the failed German payment processor that’s winding down its operations.

The deal will help build Santander’s global payments platform as the bank expands, the Madrid-based company said Monday in an e-mailed statement. About 500 Wirecard employees who manage the technology will remain in their current locations and join the acquirer’s global merchant-services team, according to the statement.

The sale marks a conclusion for the dissolution of Wirecard “despite unfavorable conditions,” Michael Jaffe, the insolvency lawyer handling the transactions, said in a statement. Since Wirecard failed earlier this year, Jaffe has sold off its assets in pieces.

No Wirecard companies were included in the transaction, and terms weren’t disclosed. Once the deal with Santander is complete, the rest of the business will be wound down in close cooperation with regulatory authorities, Jaffe said.

–With assistance from Steven Arons and Karin Matussek.