Japan's Softbank Group Corp will buy a 5.6 percent stake in German payments...
BERLIN - Japan’s Softbank Group Corp will buy a 5.6 percent stake in German payments company Wirecard by acquiring convertible bonds worth around 900 million euros , Wirecard said in a statement on Wednesday.
Under the investment, 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. The investment comes as Wirecard defends itself against Financial Times newspaper reports earlier this year saying staff at its Asian operations had inflated reported revenue.
The two companies said they had also signed a memorandum of understanding for a strategic partnership in the area of digital solutions.
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