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Business deals

SoftBank to invest $1bn in German e-payment provider

Japanese tech group to back Wirecard's debut in Japan and South Korea

Wirecard provides online payment systems for 34,000 business clients worldwide.   © Reuters

FRANKFURT, Germany -- Japanese tech conglomerate SoftBank Group will invest about 900 million euros ($1.01 billion) into German online payment company Wirecard as part of a strategic tie-up, it was announced Wednesday.

The infusion will come in the form of convertible bonds equivalent to a roughly 5.6% stake in Wirecard. The deal will close after receiving approval at Wirecard's shareholders meeting in June.

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