April 30, 2019 / 11:38 AM / 5 months ago

Britain provisionally approves PayPal-iZettle deal

FILE PHOTO: The PayPal logo is seen at an office building in Berlin, Germany, March 5, 2019. REUTERS/Fabrizio Bensch

(Reuters) - Britain’s competition watchdog on Tuesday provisionally cleared PayPal Holdings Inc’s $2.2 billion takeover of Swedish fintech startup iZettle, saying the deal did not raise competition concerns.

The Competition and Markets Authority (CMA) had ordered the probe in December on the grounds that the companies had not sufficiently addressed concerns around potential lower competition, higher prices, or a lower quality service for customers in the UK mobile payments market because of the deal.

Reporting by Shashwat Awasthi in Bengaluru; Editing by Anil D'Silva

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