Banco Santander announced on Monday that it agreed with the insolvency administrator of several Wirecard entities, Dr. Michael Jaffé and Wirecard Bank AG to acquire several highly specialised technological assets from the merchant payments business of Wirecard in Europe.

Around 500 employees currently managing the acquired assets, in highly qualified teams, will join Santander. They will remain in their locations and will become part of Santander’s global merchant services team under the umbrella of the Getnet global franchise.

The acquisition will accelerate Getnet’s expansion in Europe, enhancing capabilities in e-commerce and multinational merchant servicing as well as other payment services. The assets Santander has acquired extend its global open payments platform architecture, and create synergies in trade and payments. Santander is taking its merchant platform to other countries, as it has already done in Latin America.

The acquired assets include payment solutions for merchants for acquiring and issuance services. The acquisition does not include Wirecard companies and Santander will not assume any legal liability relating to Wirecard AG and Wirecard Bank AG or its past actions.

The deal is expected to be completed by the end of the year and is subject to certain conditions, including regulatory approvals. Until closing date, Wirecard and Santander will jointly work to ensure current customers, vendors and partners a smooth transition to this new phase of the Wirecard service. Details of such plan will be defined and communicated before closing of the transaction.

As FX News Group reported in mid-October this year, investor was found for Wirecard Retail Services GmbH. Several days later, daVinci Payments and North Lane Technologies, formerly Wirecard North America Inc., announced that they were combining to establish a premier payment company with innovative technology and solutions.