Wirecard North America sold to Syncapay in deal backed by Centerbridge, Bain
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.
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