PayPal in talks to buy Swedish small-business platform iZettle for $2.2 billion
18 May, 2018, 16:30
The deal also sets PayPal on a collision course with Twitter founder Jack Dorsey's e-payments platform, Square, which offers a similar platform that lets small businesses accept card payments by plugging a card reader into their smartphones.
Reports last month suggested that PayPal could be moving into supplying debit cards as it looks to expand its reach into the wider payments world.
It has a presence in 11 countries including Brazil and Mexico as well as across Europe - with its brand increasingly familiar in British coffee shops and restaurants.
iZettle was planning an IPO which would have raised around $1.1bn on the Stockholm NASDAQ, making the PayPal payout a no-brainer for investors.
Schulman described the merging of iZettle and PayPal as a "strategic fit" combining shared values and culture with complementary product offerings and geographies.
Jacob de Geer, the chief executive officer of iZettle, will stay on-board to lead the business, reporting to Bill Ready, the chief operating officer of PayPal.
The deal will enable PayPal to expand its presence in in-store payments globally, and will mark the largest-ever acquisition by the U.S. fintech giant, Reuters reports. 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.
Sectoral indices led by IT, Teck, capital goods, oil and gas, banking and PSU were trading in the red. In the Asian region, Shanghai Composite Index fell 0.48%, while Hong Kong's Hang Seng slipped 0.54%.
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Targeting the BJP, he said, "A murder accused is the president of a national party, which has not been seen in the last 70 years". Bommai vs Union of India (1994) and Rameshwar Prasad vs Union of India (2006) have dealt with such situations.
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Syria's Assad meets with Putin in Russian Federation
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