PayPal Holdings, Inc. (NasdaqGS:PYPL) agreed to acquire Paidy Inc. from Lee Smith, Russell Cummer and MUFG Bank, Ltd. for ¥300 billion on September 7, 2021. Post acquisition, Paidy will continue to operate its existing business, maintain its brand support a wide variety of consumer wallets and marketplaces. Cummer and Sugie will continue to lead the Paidy team.

Subject to customary closing conditions, including the receipt of regulatory approvals, the transaction is expected to close in the fourth quarter of 2021. The acquisition is expected to be minimally dilutive to non-GAAP earnings per share in 2022. Will Addas, Dhaarna Mehta, and Kevin Brunner of BofA Securities, Inc. acted as financial adviser and Nels Hansen, Jun Usami, Toshio Dokei, Ayako Kawano, Zenya Onishi and Steven Gee of White & Case LLP acted as lead legal adviser to PayPal.

The Goldman Sachs Group, Inc. acted as the financial adviser and Rama Padmanabhan, Patrick Loofbourrow of Cooley LLP and Mori Hamada & Matsumoto LPC acted as legal advisers to Paidy Inc. Nancy Yamaguchi of Morgan Lewis-TMI acted as legal advisor to MUFG Bank.