PayPal buys iZettle for Dollars 2.2 bln

18 May, 2018, 16:34 | Author: Kathy Ellis
  • PayPal buys Swedish start-up iZettle for $2.2bn in its biggest ever deal

Digital payments giant PayPal is to swallow up Swedish financial technology start-up iZetttle for $2.2bn (£1.6bn).

The deal happened just before iZettle was set to go public on Nasdaq Stockholm. IZettle does not now face too much direct competition from its main rival, the NASDAQ-listed Square, as the companies' operations only really overlap in the UK. A merger would catapult PayPal into hundreds of thousands of brick-and-mortar storefronts globally in an effort to bring its digital payments tool into physical retailers and compete with companies, like Square.

The startup has been compared to Square, a payments platform co-founded by Twitter chief executive Jack Dorsey that made it easy to take credit card payments using smartphones or tablets. After the acquisition, Jacob de Geer will continue to lead iZettle, and will report to PayPal COO Bill Ready.

The acquisition - PayPal's largest ever - will expand PayPal's in-store presence, enabling it to reach small businesses around the world through its merchant services offering. iZettle will become the European centre of excellence for PayPal's in-store product and services offerings.

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The deal, which is due to close in the third quarter, is expected to be around $0.01 dilutive to PayPal's previously communicated full year 2018 non-GAAP earnings per share.

The transaction, which is expected to be Dollars 0.01 dilutive to PayPal full year adjusted earnings per share, is subject to the usual closing conditions, including regulatory approvals.

iZettle had only announced the IPO plans earlier this month, saying it would be the "way forward to support our growth" and provide access to capital markets. While PayPal does not have a hold in these countries, iZettle has been a trusted name for some time.

Upon closing of the deal, PayPal will gain in-store capabilities in Brazil, Denmark, Finland, France, Germany, Italy, Mexico, Netherlands, Norway, Spain and Sweden.

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