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PayPal drops $890 million on Xoom, a service for transferring money around the world

Eugene KimJul 2, 2015, 03:18 IST

PayPal is acquiring digital money transfer service Xoom for roughly $890 million. PayPal is paying $25 per share, putting about 32% premium Xoom's 3 month weighted average price.

Xoom allows users to send money online or through mobile devices around the world. Through this deal, PayPal says it will be able to reach 68 million active US customers.

But Xoom will remain a standalone service even after the acquisition.

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