PayPal is acquiring Xoom, an international money transfer service, in a deal that lets PayPal break into a new market worth an estimated $600 billion a year, the companies said Wednesday.
PayPal is paying $25 per share in cash for Xoom, valuing the deal at $890 million, the companies said.
Xoom, founded in 2001, lets U.S. customers send money to others and pay bills in 37 countries, including Mexico, Brazil and India. Users can track their transactions with text updates, email notifications and online access from desktops and mobile devices.
