UK-based Newcastle building Society (NBS) has exchanged
contracts for the sale of its Pre Paid Cards business (PPC) to
electronic payment solutions provider Wirecard Card Solutions.
Wirecard Card Solutions is a subsidiary of
Germany-based Wirecard AG Group. It paid €8.9m ($11.5m) for the
acquisition, with further earn-out payments estimated at €1.8m for
2012 and up to €1.2m for 2013 – subject to achievement of financial
targets.
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Jim Willens CEO of NBS said:
“This is a significant and positive
development for [Newcastle Building Society]. While our PPC
business has performed consistently, we needed to thoroughly assess
the feasibility of it forming part of our strategy as a traditional
building society going forward.”
As part of the acquisition, all 24 of
Newcastle’s PPC staff will be transferred over to Wirecard Card
Solutions, a newly founded UK subsidiary of the Wirecard group.
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