Saturday, 17 November, 2018

PayPal bags iZettle in $2.2bn move into bricks-and-mortar commerce

PayPal checks out with iZettle in $2.2bn deal PayPal bags iZettle in $2.2bn move into bricks-and-mortar commerce
Lindsey Cook | 18 May, 2018, 16:01

The all-cash deal will save iZettle from going through all the bother of a stock market listing; the Swedish company had flagged its intention earlier this month to float on the Stockholm Nasdaq exchange.

Schulman described the merging of iZettle and PayPal as a "strategic fit" combining shared values and culture with complementary product offerings and geographies. With ever-increasing advancements in mobile payments, the deal would help Paypal to exert its dominance rightly in the European market.

iZettle, headquartered in Stockholm, is present in 11 countries, including Brazil, and offers other services to small businesses as loans. In today's digital world, consumers want to be able to buy when, where and how they want.

Dan announced that it is the largest acquisition in PayPal's history and that it will significantly expand the company's "in-store presence around the world, strengthening our platform to help millions of small businesses around the world grow and thrive in an omnichannel retail environment". IZettle does not now face too much direct competition from its main rival, the NASDAQ-listed Square, as the companies' operations only really overlap in the UK.

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iZettle was founded in 2010 by Jacob de Geer and Magnus Nilsson, and a year later they launched their first app service. The company declared that IZettle expects to generate $165 million revenue in 2018.

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. Jacob de Geer, iZettle's founder, will continue to lead the company after the deal is finalised, which is expected to happen in the third quarter of 2018.

PayPal could well be set to move further into high-street shopping after acquiring iZettle for $2.2bn.

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