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Wirecard Formalizes Strategic Cooperation Deal With SoftBank; Stock Up

Shares of Wirecard AG (WRCDF.PK) were gaining around 3 percent in the morning trading in Germany after the provider of electronic payment and risk management applications announced that it has formalized strategic cooperation agreement with SoftBank Group Corp.

In a statement, Wirecard said it has signed the final documents for the issue and subscription of the Wirecard convertible bond and the strategic cooperation agreement with a subsidiary of SoftBank. The signing was after Wirecard's shareholder approval and the execution of the term sheet and memorandum of understanding between Wirecard and the SoftBank subsidiary on April 24, 2019.

Under the terms of the bond purchase agreement, convertible bonds with a total nominal value of 900 million euros combined with conversion rights to a total of 6,923,076 shares in Wirecard will be issued to the SoftBank subsidiary excluding shareholders' subscription rights. This corresponds to around 5.6 percent of Wirecard's current share capital. The bonds have a five-year term.

Wirecard said the capital proceeds will support it in its continued investment in innovative payment and financial services, for the repayment of existing loans and for potential share buyback programs.

In Germany, Wirecard shares were trading at 157.90 euros, up 3.34 percent.

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