Thursday, 24 May, 2018

PayPal Acquires iZettle, A Rival Of Square, Shopify, PagSeguro

PayPal buys Swedish start-up iZettle for $2.2bn in its biggest ever deal PayPal in talks to buy Swedish small-business platform iZettle for $2.2 billion
Velma Reese | 18 May, 2018, 10:43

PayPal has bought iZettle, a Swedish mobile payments company that sells a card-reader aimed at small businesses, for $2.2bn (£1.6bn). The news came just after iZettle announced last week that it would list an IPO on the Nasdaq in Stockholm later this year.

PayPal and iZettle were not immediately available for comment.

Founded in Stockholm in 2010, iZettle started out selling credit and debit card readers that could be plugged into smart phones and tablets. It has since expanded into financing services, with a presence in Brazil, Mexico and Europe.

By joining forces with PayPal, which operates in 200 countries, iZettle will be able to accelerate its global expansion, including to the US.

The deal will also help PayPal provide a more comprehensive suite of services to its merchants.

Syrian President holds meeting with Russian President
Putin said Wednesday that the threat of "terrorist attacks" in Syria persists and that Russian warships equipped with Kalibr cruise missiles will remain stationed in the Mediterranean.

Under the leadership of CEO Dan Schulman, the company has been expanding aggressively through acquisitions and partnerships with large banks and technology firms including Bank of America Corp, JPMorgan Chase & Co, Apple Inc and Facebook Inc.

The transaction is expected to be approximately $0.01 dilutive to PayPal's previously communicated full year 2018 non-GAAP EPS. The two companies will continue to operate independently until close.

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.

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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