Munich, 5. November 2019 – The international Consulting Company Baker Tilly advises Wirecard AG on its market entry in China. Wirecard, the global innovation leader for digital financial technology, is investing in a comprehensive license portfolio for digital payments through an acquisition in China.
Wirecard will gradually acquire all shares in Beijing-based AllScore Payment Services. The framework agreement was signed in Beijing today. After the closing, which is subject to customary and regulatory closing conditions, Wirecard will hold 80 percent of all shares in AllScore. The consideration in connection with this transaction comprises cash payments, including a capital increase in AllScore Payment Solutions, of up to EUR 72.4 million until closing plus an earn-out payment of up to EUR 16.7 million. A call option enables Wirecard to acquire the remaining 20 percent of shares after two years.
The Munich transaction team around Frank Stahl (Partner Transaction Services) and Friedrich Wamsler (Partner Tax) supported Wirecard with financial and tax due diligence as well as the advisory service during the agreement negotiations. Besides Frank Stahl and Friedrich Wamsler Sebastian Hafner (Senior Manager Transaction Services) and colleagues from the Chinese Baker Tilly offices in Beijing and Shanghai were involved in the transaction.
AllScore Payment Services, founded in 2007, is a local Payment Service Provider owning an attractive license portfolio and employing a dedicated team of more than 120 people. The license portfolio enables Wirecard to offer internationally oriented Chinese merchants local acquiring services, cross-border acquiring including settlement in their local currency and innovative digital value added services.
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