Lawyer Dr. Michael Jaffé
Insolvency Administrator ofWirecardAG, Aschheim
Further Wirecard subsidiary successfully sold
Financial investor acquires Wirecard Turkey
Munich/Aschheim/Amsterdam, 30 March 2021. In the insolvency proceedings concerning the assets of Wirecard AG, the insolvency administrator Dr. Michael Jaffé and the financial investor Finch Capital, through a new Irish company Nomu Pay, reached a definitive agreement with respect to the sale of Wirecard Ödeme Ve Elektronik Para Hizmetleri (Wirecard Turkey), the (indirect) subsidiary of Wirecard AG in Turkey, to Nomu Pay. The creditors' committee has already approved the transaction, but the sale is still subject to approval by local regulators.
Wirecard Turkey operates under the e-cash and payment license of the Turkish Central Bank and has a comprehensive payment license in its area. The company offers online payment solutions for different customers such as the Turkish mobile phone companies. In doing so, it serves the regional market autonomously, largely without any links with the Wirecard Group or its other subsidiaries.
"We are pleased to implement a solution for Wirecard Turkey. This success was not foreseeable at the beginning of the insolvency proceedings, as an adjustment of the business model was necessary to maintain operations in Turkey," comments insolvency administrator Dr. Michael Jaffé.
Wirecard Turkey is the last European subsidiary that, after the sale of Wirecard's core business, has been put on sale in an international M&A process. Apart from this, further investor processes are currently underway for some subsidiaries in Asia.
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