Paypal To Spend $3 Billion A Year On M&A: CEO To German Paper
The popularly used online payment gateway, Paypal, has set to spend a whooping sum of $3 Billion A Year On M&A said by the CEO to the German Paper.
FRANKFURT (Reuters) – PayPal Holdings Inc is on the search for further acquisitions following its recent takeover of iZettle, the Swedish fintech startup, for $2.2 billion, in the U.S. payments company’s biggest ever deal.
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“We have a healthy balance sheet and we are ready to put it to work to buy more companies,” President and CEO Dan Schulman told Germany’s Handelsblatt business daily in an interview .
The online payment gateway, Paypal is ready to invest a sum amounting to $3 billion a year on the acquisitions that will enable it to acquire specific capabilities, Schulman added.
“I wouldn’t rule out that we take on a bigger deal if there’s a good fit for us,” the German-language newspaper quoted Schulman as saying in extracts from an interview released from its Monday edition.
Since separating from online marketplace eBay in 2015, PayPal has shifted from mostly processing online transactions for its parent company to offering a suite of digital payment services.
Source: Reuters com