PayPal Announces Deal To Buy Sweden's iZettle For $2.2B

Law360 (May 17, 2018, 10:00 PM EDT) -- PayPal Holdings Inc. announced Thursday it has agreed to pay $2.2 billion to acquire Sweden’s iZettle, a payments platform boasting nearly half a million merchants across 11 international markets, in a bid to strengthen in-store presence by acquiring the business behind the world’s first mini chip card reader.

The news comes less than a month after PayPal’s rival Square Inc. announced plans to snap up website-building startup Weebly for $365 million in cash and stock. That announcement said Square’s top focus area for 2018 is “omnichannel commerce," a fully-integrated approach servicing retailers.

PayPal president and CEO Dan Schulman used the same...

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