PayPal buys Swedish start-up iZettle for $2.2bn in its biggest ever deal
The takeover comes less than three weeks after iZettle said it would list shares in Stockholm. "iZettle and PayPal are a strategic fit, with a shared mission, values and culture-and complementary product offerings and geographies".
PayPal president Dan Schulman said: "This combination brings together iZettle's in-store expertise, recognised brand and digital marketing strength with PayPal's global scale, mobile and online payments leadership, and trusted brand reputation".
The iZettle platform for handling retail transactions is used by almost a half million merchants, according to PayPal.
The move boosts PayPal's in-store presence at a time when competition in the online payments sector is increasing. It has since expanded into financing services, with a presence in Brazil, Mexico and Europe.
PayPal was up 1.7% to 79.20 on the stock market today.
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iZettle CEO Jacob de Greer and the company's management team will continue to lead the business, which expects to process US$6 billion in payments in 2018, the report said.
It owns the peer-to-peer payments company Venmo, which is popular in the U.S., and past year acquired Swift Financial, which makes business loans.
By joining forces with PayPal, which operates in 200 countries, iZettle will be able to accelerate its global expansion, including in the United States. The deal will be an all-cash deal and is expected to be closed by third quarter of the current financial year. The completion of this transaction is subject to customary closing conditions, including regulatory approvals.
Evercore is acting as sole financial adviser to PayPal, and Skadden, Arps, Slate, Meagher & Flom LLP and Roschier are acting as its legal advisers with regard to the transaction.
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