San Diego – September 10, 2021 – Cooley advised Japanese company Paidy, a two-sided payments platform and provider of buy now, pay later (BNPL) solutions, on its agreement to sell to PayPal for approximately $2.7 billion in cash. Lawyers Rama Padmanabhan, Patrick Loofbourrow, Rowook Park, Andrew Harline and Vivian Tsai led the US- and Asia-based Cooley team advising Paidy on the transaction, which highlights Cooley’s strong capability for executing complex, globally handled deals.
The acquisition, which is expected to close before the end of the year, will expand PayPal’s capabilities, distribution and relevance in the domestic payments market in Japan, the third largest ecommerce market in the world, complementing the company’s existing cross-border ecommerce business in the country. Following the acquisition, Paidy will continue to operate its existing business, maintain its brand and support a variety of consumer wallets and marketplaces.
“Paidy is just at the beginning of our journey and joining PayPal will accelerate our plans to expand beyond ecommerce and build unique services as the new shopping standard,” Riku Sugie, president and CEO of Paidy, said in a news release. “PayPal was a founding partner for Paidy Link and we look forward to working together to create even more value. Thank you to our community of merchants and users who helped us get to this important milestone.”
Founded in 2008, Paidy is Japan’s pioneer BNPL service with a mission to spread trust through society and give people room to dream. The company offers instant, monthly consolidated credit to consumers by removing hassles from payment and purchase experiences. Paidy continues to innovate to make shopping easier and enjoyable online and offline.
Cooley has represented Paidy for nearly a decade on various corporate transactions.
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