References

Wirecard AG / Citi Prepaid Card Services


Baker Tilly Roelfs advised Wirecard AG on the acquisition of Citi Prepaid Card Services. Signing took place on June 29, 2016.

The transaction team around Frank Stahl and Friedrich Wamsler supported Wirecard AG in the context of this transaction with comprehensive advice. This comprises, in particular, the financial and tax due diligence as well as the advisory service during the agreement negotiations.

Wirecard AG is a global technology group that supports companies in accepting electronic payments from all sales channels. As a leading independent supplier, the Wirecard Group offers outsourcing and white label solutions for electronic payments. A global platform bundles international payment acceptances and methods with supplementary fraud prevention solutions. With regard to issuing own payment instruments in the form of cards or mobile payment solutions, the Wirecard Group provides companies with an end-to-end infrastructure, including the requisite licences for card and account products. Wirecard AG is listed on the Frankfurt Stock Exchange.

Citi Prepaid Card Services have launched over 2500 client programs, associated with top companies and brands across the world, primarily in North America. Citi Prepaid Card Services employs more than 100 employees at the head office in Conshohocken (Philadelphia – USA) and 20 employees at different international hubs.

The customer portfolio of the acquired business consists of leading telecommunication service providers, health sciences companies, global IT and electronics manufacturers, internet and consumer goods corporations as well as public sector clients. The portfolio is largely comprised of incentive and compensation cards as well as corporate disbursement programs.

This acquisition extends Wirecard AG’s global presence into the North American market.

Quick Facts

Wirecard AG

  • Payment service provider
  • Annual sales: EUR 771m (2015)
  • Employees: 2,300 (2015)

Citi Prepaid Card Services

  • Issuer of prepaid credit cards

Deal volume

  • Undisclosed

Services provided

  • Financial Due Diligence
  • Tax Due Diligence
  • Advisory Service during Agreement Negotiations

Team

  • Frank Stahl (Financial)
  • Friedrich Wamsler (Tax)