PayPal gains bigger in-store presence with $2.2B acquisition

A sign for Internet payment transaction portal PayPal

San Francisco, May 17, 2018 -PayPal on Thursday announced a deal to buy Swedish online commerce startup iZettle for $2.2 billion, a deal that came as the young company was poised for a stock market debut. The deal expands PayPal's in-store expansion opportunities in its current markets and help the company push omnichannel commerce services in Australia, the United Kingdom and the US.

iZettle was founded in 2010 by Jacob de Geer and Magnus Nilsson with a mission to help small businesses and revolutionized mobile payments with the world's first mini chip card reader and software for mobile devices.

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Up to now, although it has a limited presence in the area of point-of-sale, it doesn't have the same infrastructure of its potential rivals, whereas iZettle is becoming increasingly popular for pop-ups, markets and small businesses where a landline connected merchant is less appealing. PayPal also gains near-term in-store expansion opportunities into other existing PayPal markets, and acceleration of omnichannel commerce solutions in Australia, U.K. and U.S. "Together, we will help small businesses around the world grow and thrive in the global digital economy".

In an interview with Bloomberg, de Geer said that he changed his mind regarding an IPO after meeting with the executive team at PayPal. The company forecast reaching EBITDA profitability by 2020 on a standalone basis.

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The deal will have forced PayPal's hand for years.

"By joining the PayPal family we'll become iZettle with superpowers and jump on a fast track to realise our vision". 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. J.P. Morgan Securities plc is acting as sole financial adviser to iZettle, while Gernandt & Danielsson is acting as its legal adviser.

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