SoftBank eyeing to purchase 5% stake in German payments company Wirecard AG

SoftBank aims to buy bonds that can be later converted into Wirecard shares.

As per a report from Bloomberg citing sources familiar with the matter at hand as saying, the SoftBank Group Corp is looking to acquire a 5% stake in Wirecard AG, a German payments company.

On its part, SoftBank has engaged financial advisers and is working on a deal to acquire bonds that can be converted into Wirecard shares, reported Bloomberg citing sources.

If an agreement is reached, a deal could be announced as early as this month.

SoftBank declined comment while Wirecard was not immediately available for comment.

The development comes in the wake of a report from the Financial Times stating that Wirecard’s staff at its Asian operations had inflated the reporting of its revenues.

In March 2019, Wirecard stated that an outside law firm investigating the matter found local staff at its Singapore office may have over reported revenues; these were however not material to the German payment company’s financial position.

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