PayPal Holdings, Inc. (NASDAQ: PYPL) announced today that it welcomes
the United Kingdom Competition and Markets Authority’s (CMA) decision to
provisionally clear its previously completed acquisition of iZettle. The
CMA found that the merger of PayPal and iZettle does not raise
competition concerns in the UK.
“We are pleased the CMA has provisionally cleared our transaction,”
said Dan Schulman, president and CEO, PayPal. “We look forward to adding
iZettle’s products and services to our platform to help small businesses
access even more affordable tools to run their shops and compete against
the retail giants.”
The CMA has published these provisional findings on its website. Its
final decision is expected by mid-June after collecting views on the
provisional findings and assessing all evidence.
PayPal will continue to work closely with the CMA through the remainder
of its review. PayPal’s acquisition of iZettle was completed on
September 20, 2018 and is not subject to review in any other country.
Fueled by a fundamental belief that having access to financial services
creates opportunity, PayPal Holdings, Inc. (NASDAQ: PYPL) is committed
to democratizing financial services and empowering people and businesses
to join and thrive in the global economy. Our open digital payments
platform gives PayPal’s 277 million active account holders the
confidence to connect and transact in new and powerful ways, whether
they are online, on a mobile device, in an app, or in person. Through a
combination of technological innovation and strategic partnerships,
PayPal creates better ways to manage and move money, and offers choice
and flexibility when sending payments, paying or getting paid. Available
in more than 200 markets around the world, the PayPal platform,
including Braintree, Venmo, Xoom and iZettle, enables consumers and
merchants to receive money in more than 100 currencies, withdraw funds
in 56 currencies and hold balances in their PayPal accounts in 25
currencies. For more information on PayPal, visit https://www.paypal.com/about.
For PayPal Holdings, Inc. financial information, visit https://investor.paypal-corp.com.