Noerr successfully coordinates sale of Wirecard’s core business to Banco Santander

With a team led by Florian Becker (Munich) and Christian Pleister (Berlin/Frankfurt), Noerr has advised the insolvency administrator of Wirecard AG, Wirecard Technologies GmbH and other Wirecard companies, lawyer Michael Jaffé from JAFFÉ Rechtsanwälte Insolvenzverwalter, on the sale of Wirecard’s European core business. Banco Santander is to acquire the payment service provider’s technology platform in Europe together with all highly specialised technological assets after an intense investor process.

Most of Wirecard’s employees working in the acquiring (credit card acceptance) and issuing business and at the technology platform will become part of Santander’s global merchant services team under the umbrella of the Getnet franchise. This also applies to the majority of employees at Wirecard Bank AG, which will enter into a solvent wind-down process in close consultation with the regulators after the transaction has been completed. The offices in Aschheim near Munich will continue to exist.

The transaction is still subject to approval by the competition authorities and certain other conditions and is expected to close by the end of the year.

Advisors:

Insolvency administrator of Wirecard AG, lawyer Dr Michael Jaffé:

JAFFÉ Rechtsanwälte Insolvenzverwalter:

Dr Michael Schuster (insolvency law), Dr Lothar Czaja (banking and collateral law), Dominik Wisskirchen, Antje Hussmann (both employment law), Dr Philip Heinke (special insolvency administrator), Miguel Grosser (trustee)

Noerr LLP:

Dr Florian Becker (Corporate/M&A, Munich), Professor Christian Pleister (Private Equity, Berlin/Frankfurt, joint lead), Dr Torsten Kraul (Digital Business, Berlin), Robert Korndörfer (Corporate/M&A, Munich), Dr Jens H. Kunz (Banking Regulatory, Frankfurt), Dr Patrick Mückl (Employment, Düsseldorf), Dr Karl-Alexander Neumann (Bankinge Regulatory, Hamburg), Dominik Rompza (Private Equity, Berlin), Dr Stefan Schwab (Employment, Berlin)

Associates: Dr Andrea Braun (Restructuring, Frankfurt), Christian Burmeister, Jin-Sa John Jun (both Corporate/M&A, Berlin), Dr Nicholas Palenker (Restructuring, Berlin), Johannes Pfeiffer (Corporate/M&A, Munich), Aleksandra Vujinovic (Corporate/M&A, Frankfurt)