U.S. firm Syncapay Inc has bought the North American unit of German payments company Wirecard AG, Wirecard’s insolvency administrator said on Thursday.
The deal is backed by private investment management firm Centerbridge Partners, which is making a majority equity investment in Syncapay, and existing Syncapay shareholders like Bain Capital Ventures and Silversmith Capital Partners, the statement added.
Wirecard North America had put itself up for sale late in June after its troubled parent firm filed for insolvency. The unit had said back then that Wirecard North America was a separate legal and business entity of Wirecard and was “substantially autonomous” from the German company.
Wirecard collapsed in June after a 1.9 billion euro ($2.25 billion) hole was discovered in its books in what has been Germany’s biggest post-war corporate fraud.
Wirecard North America has been re-branded as North Lane Technologies and combined with a Syncapay subsidiary named DaVinci Payments, the parties said in a separate statement.
The financial details of the deal were not disclosed.
Source: Reuters.com