JPMorgan Plans to Acquire Controlling Interest in Volkswagen's Payment Business
September 08 2021 - 5:55AM
Dow Jones News
By Giulia Petroni
JPMorgan Chase & Co. said Wednesday that it plans to acquire
a controlling interest of close to 75% in Volkswagen AG's payment
business for an undisclosed sum.
The U.S. investment bank said it has entered into a strategic
deal with Volkswagen Financial Services with the aim of expanding
its digital-payment capabilities to the broader automotive
industry.
"Over time, the alliance between the two firms will seek to
develop the platform for new markets and industries outside of the
automotive sector where mobility-focused payments will become
central," it said.
Volkswagen's payments platform, which is operated by Volkswagen
Payments SA, offers a number of digital-payments services ranging
from purchase and leasing to fuelling and parking across 32 markets
worldwide.
If the acquisition goes through, Volkswagen Financial Services
is set to remain a shareholder in the platform and Volkswagen
Payments will continue to be based in Luxembourg.
The deal, which is subject to regulatory approvals, is expected
to close in the first half of 2022, according to JPMorgan.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
September 08, 2021 05:40 ET (09:40 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
Volkswagen (TG:VOW)
Historical Stock Chart
From Sep 2024 to Oct 2024
Volkswagen (TG:VOW)
Historical Stock Chart
From Oct 2023 to Oct 2024