29.06.2016

Wirecard AG enters the North American market with the acquisition of Citi Prepaid Card Services


Wirecard AG  / Key word(s): Takeover

29.06.2016 18:20

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.


Wirecard AG announces that it has today reached a definitive agreement with Citi Holdings to acquire the Citi Prepaid Card Services, by way of a combined share and asset deal. Citi Prepaid Card Services, with its global footprint, launched over 2,500 programs associated with top companies and brands across the world, primarily in North America. Subject to obtaining regulatory approvals and other customary closing conditions, closing is expected as early as the fourth quarter of 2016 when the total purchase price is due for payment in cash. Wirecard is estimating an EBITDA contribution of the acquired business of more than USD 20 million (EUR 18 million) for the fiscal year 2017. Financial terms of the transaction were not disclosed.
Wirecard will be assuming all current staff with more than 100 employees at the head office in Conshohocken (Philadelphia) and 20 employees at different international hubs.
The customer portfolio of the acquired business consists of leading telecommunication service providers, health sciences companies, global IT and electronics manufacturers, internet and consumer goods corporations as well as public sector clients. The portfolio is largely comprised of incentive and compensation cards as well as corporate disbursement programs.
The acquired prepaid card business will benefit from integrating with Wirecard's existing global payments platform to expand the features and functionality currently available to their clients around the world.

Contact:
Iris Stöckl 
VP Corp.Com./IR 
Tel.: +49 (0)89-4424-1424
e-Mail: iris.stoeckl@wirecard.com
http://www.wirecard.com
ISIN DE0007472060
Reuters: WDI.GDE
Bloomberg: WDI GY


29.06.2016 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Media archive at www.dgap.de


 
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@wirecard.com
Internet:     www.wirecard.com
ISIN:         DE0007472060
WKN:          747206
Indices: TecDAX, Prime All Share, Technology All Share Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich,               Stuttgart; Terminbörse EUREX
 
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