BERLIN - Japan’s Softbank Group Corp will buy a 5.6 percent stake in Wirecard for around 900 million euros , the German company said on Wednesday, joining forces in the digital payments sector.
Under the agreement, Wirecard will issue bonds exclusively to an affiliate of Softbank that will convert into 6.92 million Wirecard shares after five years, currently equivalent to around 5.6 percent of the company. But the shares have shed around 38 percent since early September, hurt by negative sentiment around tech stocks and reports in the Financial Times, saying staff at its Asian operations had inflated reported revenue.
Source: News Formal (newsformal.com)
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