INTERNET BUSINESS NEWS-(C)1995-2011 M2 COMMUNICATIONS
16 December 2011 - German electronic payment systems provider Wirecard AG (ETR:WDI) said today it had agreed to acquire the prepaid card portfolio of UK real-estate financing firm Newcastle Building Society The Newcastle Building Society is a UK building society, which has its head office in Newcastle upon Tyne, England. It was formed in 1980 as a result of a merger between the Grainger and Newcastle Permanent Building Societies.
..... Click the link for more information. for GBP GBP
In currencies, this is the abbreviation for the British Pound.
Notes:
The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 7.5m (USD11.7m/ EUR8.9m)
The agreement includes also potential further earn-out payments of up to GBP1.5m for 2012 and of up to GBP1m for 2013 which depend on the success of the business.
Wirecard expects that the newly-acquired business will contribute at least GBP1.5m to its earnings before interest, tax, depreciation and amortisation (EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become ) in 2012.
Newcastle Building Society has already issued around 1.5m prepaid cards in six European countries. Wirecard intends to keep the 24 workers currently employed in Newcastle, the German company added.
