More and more business areas of the insolvent scandal group Wirecard are sold – now also the core division, which goes to Banco Santander. Michael Jaffé, the insolvency administrator of Wirecard AG and Wirecard Technologies GmbH, announced that the Spanish banking group will take over the technology platform of the payment service provider in Europe as well as all the necessary assets. The majority of all remaining Wirecard employees in the Acquiring & Issuing division and the majority of Wirecard Bank AG employees are also expected to switch to Santander.
Wirecard’s share is thus increasingly becoming a void of content, especially since the Wirecard Bank’s business activities are now to be gradually ended. Jaffé does not provide any information on the financial details of the sale, but reports that Handelsblatt cheerfully citing financial circles a price of around 100 million euros that the Santander Group has to pay.
In view of Wirecard’s billions in debts, this is the final nail in the coffin for all the confused speculations of recent times that there is still something to be gained here for shareholders. The remaining areas of the company that are still to be sold or gradually shut down will not change that. On the stock exchange yesterday evening after the announcement in Tradegate trading there were still bigger profits again, the Wirecard share ended trading at EUR 0.6622 with more than 11 percent and a market value of almost EUR 82 million. Even the most loyal Wirecard gamblers should slowly begin to realize that in the end there will be a total loss.
“We were also able to successfully complete the investor process for Wirecard’s core business despite the most unfavorable conditions. This is all the more remarkable as the entire process was overshadowed by new scandal reports about events in the past and initially no liquidity was available to maintain business operations, ”said Jaffé, who was thus able to utilize the main current business operations.
At a glance – chart and news: Wirecard