Wirecard AG, a leading global payment and issuing company, has reached a definitive agreement to acquire Citi Prepaid Card Services. Citi Prepaid Card Services have launched over 2,500 client programs, associated with top companies and brands across the world, primarily in North America.

Subject to obtaining regulatory approvals and other customary closing conditions, closing is expected as early as the fourth quarter of 2016. Wirecard will be assuming all current staff with more than 100 employees at the head office in Conshohocken (Philadelphia) and 20 employees at different international hubs.

The Osborne Clarke team that advised on the acquisition was led by Partners Dr Björn Hürten and Dr Matthias Terlau. They were assisted by Dr Philipp Reeb, Annette Simon, Efthimios Detsikas (all M&A), Charlotte Strese, Laura Kristine Meliß (both capital markets law), Dr. Daniel Walter (banking regulatory), Dr Flemming Moos, Tobias Rothkegel, Dr Marc Störing (all IT/data protection), Ingo Alexander Spahr und Nico Just (both antitrust).

Osborne Clarke also coordinated more than ten other law firms all over the world, amongst them Perkins Coie LLP in the US.

Osborne Clarke advises Wirecard on a regular basis across several jurisdictions, both on the day-to-day business aspects on questions of payment services as well as transactions, including the recent acquisition of the Brazilian Moip Pagamentos S.A. and the Acquiring Portfolio of Lufthansa Airplus as well as acquisitions in India, South Africa and Turkey.