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25th September 2018
CMA launches review as PayPal completes acquisition of iZettle
PayPal Holdings has completed its acquisition of iZettle for approximately $2.2bn. With the close of the deal, Jacob de Geer, co-founder and CEO ofiZettle, now joins PayPal and will continue to lead iZettle, reporting to Bill Ready, chief operating officer of PayPal. Magnus Nilsson, co-founder and Executive Chairman of iZettle, also joins 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 iZettlebrands and operations will be held separate as agreed with the CMA, pending completion of the CMA's review.
Mr Ready said: "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."
Mr de Geer said: "Today is a very big day – for me and for everyone at iZettle. We share PayPal's strong belief in the power of small businesses. Together, we will be stronger and move even faster to help small businesses succeed in a world of giants.”