PayPal has agreed to buy iZettle, one of Europe's best-known financial technology startups for United States dollars 2.2 billion, the companies said on Thursday.
The deal will enable PayPal to expand its presence in in-store payments globally, and will mark the largest-ever acquisition by the California-based company.
iZettle was founded in 2010 with an aim to offer plethora of affordable financial services like point-of-sales and partner application to small businesses.
USA -based PayPal already operates in more than 200 countries around the world but is working to expand its offerings.
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 has been finalized by the company and PayPal would be paying $2.2 Billion for the acquisition.
The deal is going to add value to PayPal and help them expand to new markets, a sentiment Dan echoed in his statement, "Jacob and his team bring best-in-class capabilities and talent that will expand our tremendous market opportunity".
At close, PayPal will get in-store capabilities in 11 markets, including Brazil, Denmark, Finland, France, Germany, Italy, Mexico, the Netherlands, Norway, Spain and Sweden.
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.
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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