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Paypal to spend $3 billion a year on M&A - CEO to German paper

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Paypal to spend $3 billion a year on M&A - CEO to German paper

Paypal to spend $3 billion a year on M&A - CEO to German paper
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FRANKFURT (Reuters) - PayPal Holdings Inc <PYPL.O> is on the lookout for further acquisitions following its recent takeover of iZettle, the Swedish fintech startup, for $2.2 billion (£1.65 billion), in the U.S. payments company's biggest ever deal.

"We have a healthy balance sheet and we are ready to put it to work to buy more companies," President and CEO Dan Schulman told Germany's Handelsblatt business daily in an interview .

Paypal is ready to invest up to $3 billion a year on acquisitions that enable it to acquire specific capabilities, Schulman added.

"I wouldn't rule out that we take on a bigger deal if there's a good fit for us," the German-language newspaper quoted Schulman as saying in extracts from an interview released from its Monday edition.

Since separating from online marketplace eBay <EBAY.O> in 2015, PayPal has shifted from mostly processing online transactions for its parent company to offering a suite of digital payment services.

(Reporting by Douglas Busvine; Editing by Keith Weir)

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