SoftBank Group is looking to buy 5 pct of payments firm Wirecard: Bloomberg

FILE PHOTO: The logo of SoftBank Group Corp is displayed at SoftBank World in 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato

(Reuters) – the japanese SoftBank Group Corp. is looking to acquire a 5 percent stake in the German payments company Wirecard AG, Bloomberg reported on Tuesday, citing people familiar with the matter.

SoftBank has engaged financial advisers and is working on a deal to acquire bonds that can be converted into Wirecard shares, Bloomberg reported, citing sources.

A deal could be announced as early as this month if an agreement is reached, the report added.

SoftBank declined to comment on the matter when contacted by Reuters, while Wirecard was not immediately available for comment.

The investment calls come as Wirecard defends itself against the Financial Times newspaper reports earlier this year said the staff in the Asian operations had inflated reported revenue.

Last month, Wirecard, said an external law firm to investigate the matter found local employees to the office in Singapore have committed crimes, but these were not relevant for the German payment company into the financial position.

Reporting by Mekhla Raina in BENGALURU; Additional reporting by Supriya Roy in BENGALURU; Editing by Tom Brown and Christopher Cushing

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