CMA gives provisional green light to izettle deal

Internet giant Paypal’s $2.2 billion (£1.7bn) acquisition of Swedish payments firm izettle has been given provisional clearance by UK competition officials after an in-depth probe.

The Competition and Markets Authority (CMA) had initially raised concerns that the deal may result in Paypal dominating the British market, hampering innovation.

Us-based Paypal had already bought izettle last September, but the CMA’S opposition had put UK integration efforts on hold. In its provisional findings the CMA said it believed the deal did not raise competition concerns.

The tie-up follows izettle’s takeover of Edinburgh-based IPOS in 2016 for an undisclosed sum.