Payments platform giant PayPal (NASDAQ: PYPL) announced on Friday it has completed its acquisition of a 70% equity interest in Guofubao Information Technology Co., Ltd. (GoPay). The acquisition notably follows the approval of the transaction by the People’s Bank of China, which took place on September 30th. As previously reported, this is the first for a foreign company to receive approval from the People’s Bank of China.
While sharing details about the acquisition, Dan Schulman, president and CEO, PayPal
“We’re pleased to complete this historic transaction, which enables us to broaden our participation in such a dynamic market. This important step will allow us to be a stronger partner to Chinese financial institutions and technology platforms. We look forward to contributing to the growth of China’s e-commerce and payments ecosystem.”
The deal terms have notably not been disclosed at this time.