SIX Payment Services has agreed to acquire Germany-based girocard network operations business from VÖB-ZVD Processing, a subsidiary of Deutsche Postbank.

Under the terms of the transaction, the customer relationships, employees and assets of the Frankfurt-based network operations business will be transferred to the acquirer.

SIX noted that the takeover of the girocard network operations business will enable the company to create a new basis for its longstanding partnership with VÖB-ZVD Processing and to provide a set of comprehensive services to the German market over the long term.

SIX, which already serves as an acquiring partner of VÖB-ZVD Processing, ensures efficient and secure transaction procedures for credit card payments.

Upon completion of acquisition, VÖB-ZVD Processing customers will benefit directly from the innovative solutions offered by SIX across the entire value chain of cashless payment transactions.

SIX Payment Services division CEO Jürg Weber said: “Germany is a key market for SIX Payment Services. Our acquisition of the girocard network operations from VÖB-ZVD Processing represents an ideal way to close a gap in the services offering from SIX Payment Services.

“Completing our portfolio of services in this way will help us to acquire new customers and to provide an even better service to existing customers. This deal lays the foundations for sustained growth in the German market.”

VÖB-ZVD Processing spokesperson for the executive board Hermann Beckers said: “The sale of Frankfurt based VÖB-ZVD Processing’s network operations is another sensible move toward focusing on our core business.

“We are pleased to have found a reliable partner in SIX for our VÖB-ZVD Processing customers, who plans to push ahead with our business model of commercial network operators and who already cooperates successfully with many customers in the field of credit card acceptance.”

Financial terms of the transaction have not been disclosed; however, the acquisition is expected to be completed in the third quarter of 2017.