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Kkr buys 40 billion credits from PayPal
Il US fund Kkr will buy up to 40 billion euro of ‘buy now, pay later’ (Bnpl) loans disbursed by PayPal in Europe. In practice, KKR will essentially acquire PayPal’s entire European Bnpl loan portfolio.
Shares of the payments company rose 1.1% on news of the deal, which is expected to generate about $1.8 billion in gross proceeds and close in the second half of the year.
Upon closing, PayPal said it plans to commit about $1 billion to incremental share repurchases in 2023, updating its forecast of nearly $5 billion in total share repurchases this year.