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PayPal closes deal to acquire iZettle
PayPal Holdings has confirmed that it has completed its acquisition of iZettle for approximately $2.2 billion USD. They say the transaction builds on PayPal’s strong set of products and services for small businesses and is intended to help accelerate growth and deliver a seamless commerce experience for merchants.
With the close of the deal, Jacob de Geer, co-founder and CEO, now joins PayPal and will continue to lead the acquired company, reporting to Bill Ready. Magnus Nilsson, co-founder and Executive Chairman of iZettle, also joins PayPal.
We’re thrilled to welcome the iZettle team to the PayPal family and are excited to expand the ways we serve our small business customers. iZettle brings a suite of products and services that allows merchants to meet their customers where they are – online, in store or via mobile. This is another step in our journey toward democratizing commerce tools to help businesses of all sizes thrive.
– Bill Ready, chief operating officer, PayPal
Prior to the closing of the acquisition, the UK Competition and Markets Authority (CMA) initiated a review of the transaction. PayPal is working cooperatively with the CMA as it conducts its review. PayPal and iZettle brands and operations will be held separate as agreed with the CMA, pending completion of the CMA’s review.