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Santander to Buy Wirecard Technology Assets Amid Wind-Down

Wirecard AG headquarters in Munich.

Wirecard AG headquarters in Munich.

Photographer: Michaela Handrek-Rehle/Bloomberg

Banco Santander SA agreed to buy highly specialized technology assets from Wirecard AG, the failed German payment processor that’s winding down its operations.

The deal will help build Santander’s global payments platform as the bank expands, the Madrid-based company said Monday in an e-mailed statement. About 500 Wirecard employees who manage the technology will remain in their current locations and join the acquirer’s global merchant-services team, according to the statement.