PayPal to acquire PE-backed TIO Networks for $304 mln
PayPal Holdings Inc (Nasdaq: PYPL) has agreed to acquire TIO Networks Corp (TSX-V: TNC), a Vancouver multi-channel bill payment processing company. The deal, expected to close in the second half of 2017, has an equity value of about $304 million (US$233 million). It has been approved by shareholders, directors and officers of TIO representing 50.4 percent of issued and outstanding common shares. They include U.S. private equity and hedge fund investors Core Innovation Capital, Napier Park Financial Partners, Edison Partners, Inter-Atlantic Advisors and Inductive Capital. San Jose, California's PayPal said TIO will be integrated into its global payments platform.
15 February 2017•7 mins read
