Wirecard AG (XTRA:WDI) announced that it has entered into a binding term sheet with SoftBank Group Corp. (TSE:9984) on April 24, 2019. Pursuant to the term sheet, an affiliate of the investor shall receive convertible bonds with a term of five years for gross proceeds of approximately €900,000,000.

The bonds are convertible in to 6,923,076 ordinary shares of the company corresponding to approximately 5.6% of common stock at €130 per share. The transaction is under exclusion of subscription rights, is subject to the approval of shareholder's of the company in the annual shareholders meeting to be held on June 18, 2019.