Yahoo Finance Banco Santander (SAN) Acquires Wirecard's Technology Assets
As part of its efforts to enhance and expand the merchant payment business Getnet and accelerate growth plans in Europe; Banco Santander, S.A. SAN is acquiring several highly specialized technological assets from Wirecard. The closing of the transaction, expected by the end of 2020, is subject to certain conditions, including regulatory approvals.
Santander announced that it agreed with the insolvency administrator of several Wirecard entities, Dr. Michael Jaffé and Wirecard Bank AG, to acquire the assets. Nearly 500 employees, who currently manage the assets, will join Santander as part of the acquisition.
Santander’s executive chairman, Ana Botín, stated, “At Santander, we aim to provide the best payment solutions and services to our customers. The assets and talent we will gain as part of the acquisition will help us accelerate Getnet’s expansion plans in Europe, while also increasing our product development capacity.”
Notably, the assets, which are being acquired, include payment solutions for merchants for acquiring and issuance services. However, the acquisition does not include Wirecard companies and Santander does not assume any legal liability relating to Wirecard AG and Wirecard Bank AG or its past actions.
Over the past six months, shares of the company have gained 49.3% compared with 37.4% growth recorded by the industry it belongs to.
Banco Santander currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
A few better-ranked stocks from the finance space are mentioned below.
The Blackstone Group Inc. BX has witnessed an upward earnings estimate revision of 20.9% for the current year over the past 60 days. Its shares have gained 8% over the past six months. The company carries a Zacks Rank #2 (Buy) at present.
Interactive Brokers Group, Inc.’s IBKR earnings estimates have been revised 1.8% upward for the current year over the past 60 days. Over the past six months, this Zacks Rank #2 company has gained 42.2%.
BlackRock, Inc.’s BLK earnings estimates for the current year have been revised 7.9% upward over the past 60 days. Its shares have witnessed a rise of 35% over the past six months. The company currently carries a Zacks Rank #2.
Zacks Names “Single Best Pick to Double”
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Interactive Brokers Group, Inc. (IBKR) : Free Stock Analysis Report
Blackstone Group IncThe (BX) : Free Stock Analysis Report
BlackRock, Inc. (BLK) : Free Stock Analysis Report
Banco Santander, S.A. (SAN) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
