PayPal buys iZettle for United States dollars 2.2 bln

PayPal Holdings is buying Swedish small-business platform iZettle for $2.2 billion to expand in Europe and Latin America and increase its presence in brick and mortar stores.

The all-cash deal is PayPal's biggest-ever acquisition following its divorce from former parent company eBay in 2015, and comes just weeks after iZettle, which now operates in 12 countries around the world, filed for an IPO as it looked to expand.

Like the US-based Square, iZettle is best known as the provider of devices and software that allow smartphones and tablets to read credit cards. The company also offers services such as cash advances and an ecommerce offering in a bid to provide a full-fledged commerce platform for small businesses.

By joining PayPal, which operates in 200 countries, iZettle will be able to accelerate its global expansion, including to the USA, the companies said.

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PayPal, based in San Jose, California, says Stockholm-based iZettle is on pace to process about $6 billion in payments this year.

PayPal said it hopes to be able to reap the advantages of the merger nearly immediately in certain areas, and that the financial benefits will kick in shortly after the deal closes, expected in the third quarter. "Combined with the iZettle brand, capabilities and talent this means we're ready to level the playing field for small businesses all around the world".

Dan Schulman, President and CEO, PayPal said: "We expect to close the deal in the third quarter of 2018, at which time we will begin our integration efforts".

Buying iZettle will expand PayPal's reach into shops in Brazil, Denmark, Finland, France, Germany, Italy, Mexico, the Netherlands, Norway, Spain and Sweden. Today, the company's commerce solutions empower almost half a million merchants across 12 countries and two continents to get paid, sell smarter and grow their businesses.


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