PayPal Will Soon Be Acquiring iZettle for About $2.2 Billion

PayPal Will Soon Be Acquiring iZettle for About $2.2 Billion

The deal could well see PayPal move out of the online world and become a recognised form of payment in shops using iZettle's card readers, competing with the likes of Apple Pay.

"This is the largest acquisition in our company's history and significantly expands our 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".

By joining forces with PayPal, which operates in 200 countries, iZettle will be able to accelerate its worldwide expansion, including to the U.S., the companies said. The Stockholm-based company had been aiming to achieve a valuation of $1.1bn, but was presented with double that amount by PayPal.

Schulman described the merging of iZettle and PayPal as a "strategic fit" combining shared values and culture with complementary product offerings and geographies.

The price being paid by PayPal - itself valued at more than $90bn (£66bn) - is double the valuation that iZettle was reported to be seeking from a listing on Nasdaq Stockholm.

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IZettle expects to generate gross revenues of approximately $165 million United States dollars in 2018, with approximately $6 billion USD of total payment volume (TPV) expected to be processed on its platform.

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.

Its revenue comes "per transaction" with no added charges for companies.

The deal is expected to close in Q3 2018, and Jacob de Geer, the Co-founder and CEO of iZettle, will stay on to lead the company, announced PayPal President and CEO Dan Schulman in a statement. While PayPal does not have a hold in these countries, iZettle has been a trusted name for some time. The San Francisco-based company continues to operate today as a standalone service within PayPal.

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