PayPal to buy rewards platform Honey Science for $4 billion

This post was originally published on this site

(Reuters) – Payment processor PayPal Holdings Inc (O:) said on Wednesday it would buy privately held shopping and rewards platform Honey Science Corp for about $4 billion.

The deal for the seven-year-old platform that finds and applies coupon codes on popular sites and helps consumers save money will add to PayPal’s ability to help merchants deliver offers, PayPal said.

PayPal and its mobile payment service Venmo have more than 275 million active consumer accounts. The deal is expected to close in 2020 and would add to PayPal’s adjusted profit in 2021.

After the deal, Honey will retain its headquarters and brand in Los Angeles, California, PayPal said in a statement.

PayPal shares were down 2% at $102 after the bell.

Perella Weinberg Partners LP was the financial adviser to PayPal, and Skadden, Arps, Slate, Meagher & Flom LLP was its legal adviser.

Qatalyst Partners was the financial adviser to Honey and Latham & Watkins, LLP its legal adviser.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Add Comment