By Adriano Marchese

Banco Santander S.A. said Monday that it has agreed to acquire a number of specialized technological assets in Europe from the merchant-payments business, Wirecard AG.

The Spanish bank said the acquisition will accelerate the expansion in Europe of Getnet, Santander's payment and e-commerce products and services technology company.

It added that the new assets will extend its global open payments platform architecture and create synergies in trade and payments.

Under the terms of the agreement between the Santander, Wirecard and its insolvency administrator, Santander will incorporate around 500 employees currently managing the acquired assets.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

November 16, 2020 15:31 ET (20:31 GMT)