PayPal has completed all-cash acquisition of online money transfer/remittance provider Xoom in accordance with the terms of the acquisition deal announced on 1 July 2015.
PayPal acquired all of the outstanding shares of Xoom for $25 per share in cash.
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Xoom will operate as a separate service within PayPal under the continued leadership of John Kunze, who has joined PayPal’s executive staff and will report to PayPal CEO Dan Schulman.
The acquisition of Xoom is expected to accelerate PayPal’s entrance into the international remittances market. PayPal revealed that it plans to expand Xoom’s services to more people in more places around the globe.
With Xoom, PayPal has access to 1.5 million active US customers that sent approximately $7.1bn in the 12 months ending on 30 September 2015 to people in 40 countries such as Mexico, India, the Philippines, China and Brazil.
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