Friday, 21 September, 2018

PayPal in talks to buy Sweden's iZettle in $2.2 billion deal

PayPal Confirms Its Decision to Buy iZettle Paying $2.2 Billion PayPal buys Swedish start-up iZettle for $2.2bn in its biggest ever deal
Doris Mccormick | 18 May, 2018, 10:40

Paypal's acquisition of iZettle has also come at a time when the latter has already filed for an IPO in the Stockholm stock market for raising almost $227 million.

PayPal is preparing to take over Swedish payments app iZettle, just a week after it announced plans to float.

Stockholm-based iZettle is present in 11 countries and offers other services for small businesses such as lending. The company's CEO, Jacob de Geer, will continue to lead the business under PayPal.

IZettle, which operates in 200 countries, has been preparing to launch an initial public offering on the Nasdaq Stockholm stock exchange.

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Both PayPal and Square are vying to help mostly small- and medium-sized retailers process sales that aren't paid with cash. The company has grown its revenues at a CAGR of approximately 60% from 2015 to 2017. iZettle expects to reach EBITDA profitability by 2020 on a standalone basis.

The deal is the biggest ever for San Jose, California-based PayPal and will help it compete with Square Inc., which made a name for itself by helping small businesses and food-truck vendors conduct credit card and mobile transactions. Upon closing, iZettle will become the European center of excellence for PayPal's in-store product and services offerings.

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. 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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