JPMorgan to Buy Majority Stake in Volkswagen’s Payments Business

JPMorgan to Buy Majority Stake in Volkswagen’s Payments Business
Workers are reflected in the windows of the Canary Wharf offices of JP Morgan in London on Sept.19, 2013. Neil Hall/Reuters
Reuters
Updated:

LONDON—JPMorgan has struck a deal to buy a majority stake in German car giant Volkswagen’s payments business ahead of a planned rollout of in-car technology that allows drivers to automatically pay for fuel or tolls.

The U.S. bank has agreed to buy close to 75 percent of Volkswagen Payments S.A. for an undisclosed sum, subject to regulatory approvals.