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.
The agreement will allow PayPal to expand its presence in payments in physical stores worldwide and will mark the largest acquisition ever made by the United States company.More news: Cent Just Roasted A Lawyer After Being Accused Of Posting Revenge Porn
The digital payments giant PayPal Holdings is in advanced talks about a takeover of iZettle in a move that would gatecrash one of the European technology sector's biggest stock market flotations.
Buying iZettle will expand PayPal's reach into shops in Brazil, Denmark, Finland, France, Germany, Italy, Mexico, the Netherlands, Norway, Spain and Sweden.
After close of the acquisition, co-founder Jacob de Geer will remain in charge of iZettle, reporting to PayPal chief operating officer Bill Ready, according to the companies.More news: Alec and Hilaria Baldwin welcome fourth child
PayPal was up 1.7% to 79.20 on the stock market today.
"Small businesses are the engine of the global economy and we are continuing to expand our platform to help them compete and win online, in-store and via mobile", PayPal President and CEO Dan Schulman said in a press release.
PayPal, based in San Jose, California, says Stockholm-based iZettle is on pace to process about $6 billion in payments this year.More news: It's A Boy! Alec And Hilaria Baldwin Welcome Baby #4
The transaction is expected to be approximately $0.01 dilutive to PayPal's previously communicated full year 2018 non-GAAP EPS. The completion of this transaction is subject to customary closing conditions, including regulatory approvals.