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Banco Santander (SAN) Acquires Wirecard's Technology Assets

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As part of its efforts to enhance and expand the merchant payment business Getnet and accelerate growth plans in Europe; Banco Santander, S.A. (SAN - Free Report) is acquiring several highly specialized technological assets from Wirecard. The closing of the transaction, expected by the end of 2020, is subject to certain conditions, including regulatory approvals.

Santander announced that it agreed with the insolvency administrator of several Wirecard entities, Dr. Michael Jaffé and Wirecard Bank AG, to acquire the assets. Nearly 500 employees, who currently manage the assets, will join Santander as part of the acquisition.

Santander’s executive chairman, Ana Botín, stated, “At Santander, we aim to provide the best payment solutions and services to our customers. The assets and talent we will gain as part of the acquisition will help us accelerate Getnet’s expansion plans in Europe, while also increasing our product development capacity.”

Notably, the assets, which are being acquired, include payment solutions for merchants for acquiring and issuance services. However, the acquisition does not include Wirecard companies and Santander does not assume any legal liability relating to Wirecard AG and Wirecard Bank AG or its past actions.

Over the past six months, shares of the company have gained 49.3% compared with 37.4% growth recorded by the industry it belongs to.

Banco Santander currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

A few better-ranked stocks from the finance space are mentioned below.

The Blackstone Group Inc. (BX - Free Report) has witnessed an upward earnings estimate revision of 20.9% for the current year over the past 60 days. Its shares have gained 8% over the past six months. The company carries a Zacks Rank #2 (Buy) at present.

Interactive Brokers Group, Inc.’s (IBKR - Free Report) earnings estimates have been revised 1.8% upward for the current year over the past 60 days. Over the past six months, this Zacks Rank #2 company has gained 42.2%.

BlackRock, Inc.’s (BLK - Free Report) earnings estimates for the current year have been revised 7.9% upward over the past 60 days. Its shares have witnessed a rise of 35% over the past six months. The company currently carries a Zacks Rank #2.

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