Payments giant PayPal Holdings Inc. confirmed that it is acquiring Swedish payments provider iZettle AB for $2.2 billion in cash, TechCrunch reported.

The reported purchase price is double the approximate $1.1 billion valuation that iZettle is seeking from a planned IPO. The transaction, which is expected to close in the third quarter, comes after the two companies had been in talks "for years," according to the report.

The news outlet reported that iZettle co-founder and CEO Jacob de Geer and other executives are expected to remain with the company. PayPal hopes to turn iZettle into a "center of excellence" for in-store and offline payments in Europe.

An announcement could come as early as the morning of May 18, according to an earlier report.

PayPal did not immediately respond to a request for comment.