SAN - Wirecard offloads core European business to Santander

Banco Santander (SAN) is shelling out around €100M for Wirecard's (WCAGY) core business in Europe, which includes the technology platform that processes electronic payments for merchants as well as its remaining credit card issuing business.The scandal-hit company filed for insolvency in June after disclosing a €1.9B hole in its balance sheet, triggering an avalanche of lawsuits from investors."The acquisition does not include Wirecard companies and Santander will not assume any legal liability relating to Wirecard AG and Wirecard Bank or its past actions," the Spanish bank declared, adding that 500 Wirecard employees will join its ranks.

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Wirecard offloads core European business to Santander