Wirecard agrees to acquire payments business of Great Indian Retail Group
Wirecard AG / Key word(s): Acquisition
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Wirecard AG today entered into agreements to acquire the payments business
of Great Indian (GI) Retail Group. Founded in 2006, GI Retail Group is one
of India's and South East Asia's leading electronic payment and
retail-assisted e-commerce groups.
Wirecard will acquire 100 percent of the shares of companies operating
payment services in India, the Philippines, Indonesia and Malaysia under
the brands "iCASHCARD", "Smartshop", "StarGlobal", "Commerce Payment" as
well as several segment brands. Furthermore, Wirecard will also acquire 60
percent of the shares in GI Technology Private Limited (GIT), a licensed
Prepaid Payment Instrument (PPI) issuer in India. Wirecard will take over
more than 900 staff in offices in Delhi, Chennai, Hyderabad, Bangalore,
Mumbai, Kolkata, Lucknow, Manila, Batam and Kuala Lumpur.
The total cash consideration including a capital increase of GI Technology
will amount to EUR 230 million, completely paid for in cash and financed by
own capital and by committed bank loans. Further payments of up to a total
of EUR 110 million are linked to the overall financial performance of the
acquired businesses in calendar years 2015 to 2017. Elements of the
agreement are subject to certain closing conditions.
Consolidated revenues from the acquired businesses are well on track to
exceed EUR 45 million in calendar year 2015, an increase of more than 50
percent compared to calendar year 2014, and EBITDA is expected to more than
double in comparison to 2014 year-on-year to exceed EUR 7 million in 2015.
Revenues for calendar year 2016 are expected to exceed EUR 75 million and
EBITDA after integration costs is expected to be between EUR 15 million and
EUR 18 million in 2016.
Tel.: +49 (0)89-4424-1424
Bloomberg: WDI GY
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Company: Wirecard AG
85609 Aschheim b. München
Phone: +49 (0)89-4424 1400
Fax: +49 (0)89-4424 1500
Indices: TecDAX, Prime All Share, Technology All Share
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich,
End of Announcement DGAP News-Service