softbank-group-looks-to-buy-5-pct-of-payment-firm-wirecard-bloomberg

SoftBank Group looks to buy 5 pct of payment firm Wirecard: Bloomberg

© Reuters. FILE PHOTO: The SoftBank Group logo displayed at the SoftBank World 2017 conference in Tokyo© Reuters. FILE PHOTO: The SoftBank Group logo displayed at the SoftBank World 2017 conference in Tokyo

(Reuters) - Japan's SoftBank Group Corp is looking to acquire a 5 percent stake in German payments company Wirecard AG, Bloomberg reported on Tuesday, citing people familiar with the matter.

SoftBank has engaged financial advisers and is working on a deal to acquire bonds that can be converted into Wirecard shares, Bloomberg reported, citing sources.

A deal could be announced as early as this month, if an agreement is reached, the report added.

SoftBank declined comment on the matter when contacted by Reuters while Wirecard was not immediately available for comment.

The investment talks come as Wirecard defends itself against Financial Times newspaper reports earlier this year saying staff at its Asian operations had inflated reported revenue.

Last month, Wirecard said an outside law firm investigating the matter found local staff at its Singapore office may have committed crimes but these were not material to the German payment company's financial position.

Disclaimer: Fusion Media

would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.