Court approves sale of TIO Networks to PayPal for $304 mln

The proposed acquisition of TIO Networks Corp (TSX-V: TNC), a Vancouver multi-channel bill payment processing company, by PayPal Holdings Inc (Nasdaq: PYPL) has received final court approval. The transaction, announced in February, has an equity value of about $304 million. It is expected to be completed in the second half of 2017. TIO is backed by U.S. private equity firms and hedge fund investors. They include Core Innovation Capital, Napier Park Financial Partners, Edison Partners, Inter-Atlantic Advisors and Inductive Capital.

PRESS RELEASE

TIO Networks Corp. Receives Final Court Approval for Plan of Arrangement with PayPal Holdings, Inc.

SAN JOSE, CA and VANCOUVER, BC, April 17, 2017 /CNW/ – PayPal Holdings, Inc. (“PayPal”) (Nasdaq: PYPL) and TIO Networks Corp. (“TIO”) (TSXV: TNC), a cloud-based multi-channel bill payment processing and receivables management company, today announced that the previously announced transaction, pursuant to which PayPal will indirectly acquire all of the issued and outstanding shares of TIO by way of a court-approved plan of arrangement (the “Arrangement”) was approved today by a final order of the Supreme Court of British Columbia.

Completion of the Arrangement remains conditional on obtaining regulatory approvals and certain other closing conditions. Assuming that the conditions to closing are satisfied and the necessary regulatory approvals are obtained, it is expected that the closing of the Arrangement will be completed in the second half of 2017.

Further information about the Arrangement is set forth in the information circular and proxy statement in respect of the shareholder meeting which has been filed under TIO’s profile on the System for Electronic Document Analysis and Retrieval (SEDAR) at http://www.sedar.com as well as on TIO’s investor relations website at http://corporate.tionetworks.com/.

About PayPal

Fueled by a fundamental belief that having access to financial services creates opportunity, PayPal is committed to democratizing financial services and empowering people and businesses to join and thrive in the global economy. Our open digital payments platform gives PayPal’s nearly 200 million active account holders the confidence to connect and transact in new and powerful ways, whether they are online, on a mobile device, in an app, or in person. Through a combination of technological innovation and strategic partnerships, PayPal creates better ways to manage and move money, and offers choice and flexibility when sending payments, paying or getting paid. Available in more than 200 markets around the world, the PayPal platform, including Braintree, Venmo and Xoom, enables consumers and merchants to receive money in more than 100 currencies, withdraw funds in 56 currencies and hold balances in their PayPal accounts in 25 currencies. For more information on PayPal, visit https://www.paypal.com/about. For PYPL financial information, visit https://investor.PayPal-corp.com.

About TIO Networks

TIO is a cloud-based multi-channel bill payment processing and receivables management provider, serving the largest telecom, wireless, cable, and utility bill issuers in North America. TIO integrates with the back office of billing systems to accept, validate, and collect payments via self-service kiosk, retail walk-in, mobile, and web solutions. With approximately 60 million transactions processed in fiscal 2016 and a processing network that serves more than 10,000 billers, TIO symbolizes fast, convenient, and secure access to expedited bill payment services.

Visit http://www.tionetworks.com or join the conversation on Twitter and Facebook.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

 

For further information: For PayPal: Investors: Gabrielle Rabinovitch, Vice President, Investor Relations, grabinovitch@paypal.com; Media: Martha Cass, Senior Director, Corporate Communications,mcass@paypal.com; For TIO: Investors: investor@tio.com

Photo courtesy of Reuters/Beck Diefenbach