April 29, 2019
PayPal Inc. plans to buy $500 million in Uber Technologies Inc. common stock through a private placement, according to a regulatory filing ahead of the ride sharing company's initial public offering.
PayPal would pay $47 a share, the assumed IPO price, and would buy more than 10.6 million shares, according to the filing with the Securities and Exchange Commission.
Paypal CEO Dan Schulman said in a posting on Linkedin that the company will extend its existing partnership with Uber, and that the companies will explore additional payment collaborations, including the development of an Uber digital wallet.
PayPal has been the lead payment processor for Uber in the U.S. and Australia since 2013, according to Schulman.
Topics: In-App Payments, Mobile Apps, Regulatory Issues
Sponsored Links: