PayPal to buy Swedish payments group iZettle for $2.2bn
18 May, 2018, 14:00 | Author: Devin Moran
The deal announced Thursday marks the largest acquisition in PayPal's 20-year history and intensifies its competition with Square, a payment processor started by Twitter co-founder and CEO Jack Dorsey.
"In today's digital world, consumers want to be able to buy when, where and how they want".
"This combination brings together iZettle's in-store expertise, recognised brand and digital marketing strength with PayPal's global scale, mobile and online payments leadership, and trusted brand reputation", said Dan Schulman, PayPal's president.
Founded in Stockholm in 2010, iZettle claims to have revolutionised mobile payments with the world's first mini chip card reader and software for mobile devices.
Buying iZettle will expand PayPal's reach into shops in Brazil, Denmark, Finland, France, Germany, Italy, Mexico, the Netherlands, Norway, Spain and Sweden. "Upon closing, we will gain in-store capabilities in 11 markets, near-term in-store expansion opportunities into other existing PayPal markets, and the acceleration of omnichannel commerce solutions in Australia, U.K., and the U.S".
"We believe that the listing will support our continued growth, our strategy and provide us with improved access to capital markets", CEO Jacob de Geer told CNBC at the time.
iZettle expects to earn revenue of roughly $165 million in 2018 and process about $6 billion worth of transactions on its platform, according to a press release from the two companies.
The transaction, which is expected to be United States dollars 0.01 dilutive to PayPal full year adjusted earnings per share, is subject to the usual closing conditions, including regulatory approvals. The deal will be an all-cash deal and is expected to be closed by third quarter of the current financial year. He was convinced that his company could continue to grow substantially under the new owner and that their cultures would be aligned.
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