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Wirecard To Buy Acquiring Customer Portfolio From Lufthansa AirPlus

Wirecard AG (WRCDF.PK), a Germany-based provider of electronic payment and risk management applications, Tuesday reported execution of an agreement with Lufthansa AirPlus Servicekarten GmbH on the acquisition of core acquiring customer contracts of credit card acceptance as well as further other chosen assets from Lufthansa.

The acquisition comprises credit card acceptance agreements and distribution agreements as well as network provider contracts. Among the high volume customers of Lufthansa are primarily international airlines.

The purchase price consists of cash payments of around 13.0 million euros plus earn-out components of up to about 1.0 million euros for 2015 and 2016. Closing of the transaction is expected to take place in the first half of the year 2015.

In the first twelve months after closing, a contribution of about 1.5 million euros to the consolidated operational earnings before interest, taxes, depreciation and amortization of the Wirecard Group is expected. Additional costs for integration will presumably amount to 0.7 million euros in total.

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