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Report: PayPal may soon announce bid for Swedish payments group

Payments giant PayPal Holdings Inc. is in advanced talks to purchase Swedish payments group iZettle AB, Sky News reported.

PayPal reportedly could make an announcement as soon as May 18. According to the report, the purchase price will likely be significantly higher than the $1.1 billion valuation iZettle is seeking from a planned IPO.

Negotiations could still fall through, but sources reportedly told Sky News that iZettle co-founder and CEO Jacob de Geer and senior members of management will likely stay on if PayPal's bid progresses.

The two companies did not respond to requests for comment from Sky News.