PayPal Holdings (PYPL) has agreed to buy Sweden's iZettle for $2.2 billion, marking its biggest acquisition since being spun off by eBay (EBAY).
When complete, the acquisition of iZettle will mean PayPal has an in-store presence in 11 markets in Europe and Latin America.
Schulman described the merging of iZettle and PayPal as a "strategic fit" combining shared values and culture with complementary product offerings and geographies.
IZettle, a mobile digital-payments processor, competes with the U.K.'s Square (SQ), Canada's Shopify (SHOP) and Brazil's PagSeguro Digital (PAGS) in various markets.
A takeover would mark just the latest move in the race for dominance of the digital payments market, in which established companies like PayPal are facing challengers. "The combination of iZettle and PayPal will provide tremendous benefits to our merchants who will have access to an even wider range of tools to help them get paid, sell smarter and grow".
iZettle expects to earn revenue of roughly $165 million in 2018 and process about $6 billion worth of transactions on its platform, according to a press release from the two companies.
It owns the peer-to-peer payments company Venmo, which is popular in the United States, and previous year acquired Swift Financial, which makes business loans.
The tie-up with iZettle will increase PayPal's capacity with firms with physical retail operations. The deal will be an all-cash deal and is expected to be closed by third quarter of the current financial year.
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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