PayPal will pay USD 3.35 per share in cash, a 22.6% premium above its 20-trading day average price, biv.com reports. TIO Networks offers online and mobile solutions for bill payments, processing more than US$7 billion in fiscal 2016.
TIO Networks will remain headquartered in Vancouver. PayPal’s online money transfer service has 188 million consumers operating in 203 markets across the globe. It partnered with the BC Tech Association in October 2015 to create a formalised financial technology cluster in Vancouver to help fintech startups innovate and generate revenue.
The acquisition is expected to close in H2 2017 and has already been approved by the boards of both PayPal and TIO Networks.
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