PayPal is acquiring iZettle, a small business commerce platform in Europe and Latin America, for $2.2 billion. The transaction is expected to close in the third quarter of 2018.

Once the acquisition closes, Jacob de Geer, founder and CEO of iZettle will continue to lead iZettle, which will operate as part of PayPal’s merchant services offering. He will be reporting to PayPal’s chief operating officer Bill Ready.

Evercore is acting as sole financial adviser to PayPal, and Skadden, Arps, Slate, Meagher & Flom and Roschier are acting as its legal advisers with regard to the transaction. J.P. Morgan Securities is acting as sole financial adviser to iZettle, while Gernandt & Danielsson is acting as its legal adviser.

[Image courtesy: iZettle]