PayPal buys iZettle for United States dollars 2.2 bln

PayPal buys iZettle for United States dollars 2.2 bln

PayPal buys iZettle for United States dollars 2.2 bln

The transaction ranks as the largest acquisition in PayPal's history, The Wall Street Journal reported.

The digital payments giant PayPal Holdings is in advanced talks about a takeover of iZettle in a move that would gatecrash one of the European technology sector's biggest stock market flotations.

From its initial roots as a provider of credit card readers to small businesses, iZettle has grown to have a presence across Europe, as well as in Brazil and Mexico.

The iZettle platform for handling retail transactions is used by almost a half million merchants, according to PayPal.

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The Stockholm-based startup founded in 2010 expected to handle about $6 billion in transactions this year, taking in gross revenue of approximately $165 million (roughly Rs. 1,100 crores) in the process. Today, small-business owners around the world use iZettle's powerfully simple services to improve the speed and ease of payments at checkout, business management, sales analytics, customer engagement, and funding. "iZettle and PayPal are a strategic fit, with a shared mission, values and culture-and complementary product offerings and geographies".

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

As per the deal, the position of iZettle's co-founder and CEO Jacob de Geer will remain intact. iZettle's entire executive team will also continue the operation as before.

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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