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PayPal completes acquisition of TIO Networks for C$302 million

Fasken
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TIO Networks Corporation

On July 18, 2017, PayPal Holdings, Inc. (Nasdaq: PYPL) and TIO Networks Corp. (TSXV: TNC), a cloud-based multi-channel bill payment processing and receivables management company, announced that PayPal has completed its previously announced acquisition of TIO Networks. In accordance with the terms of the Arrangement announced on February 14, 2017, PayPal acquired all of the outstanding shares of TIO for $3.35 CDN ($2.64 USD) per share in cash or an approximate $302 million CDN ($238 million USD) equity value.
 
Serving 14 million consumer bill pay accounts, TIO is a leading multi-channel bill payment processor in North America, processing more than $7 billion USD in consumer bill payments in fiscal 2016. TIO offers convenient solutions for expedited bill payment services to financially underserved consumers with more than 10,000 supported billers and numerous direct relationships with billers, enabling TIO to quickly process telecom, wireless, cable and utility bill payments for TIO’s customers. With approximately 900 operated self-service kiosks, approximately 65,000 retail walk-in locations, and mobile and web solutions, TIO’s customers can conveniently pay their bills while avoiding the service interruptions and financial penalties associated with missed payment deadlines.
 
TIO Networks Corp. was advised by Fasken Martineau with a team led by Mike M. Stephens and including Bruce Tattrie, Geoff Pedlow, Katie Peardon (Technology/M&A/Securities), Blair Horn, Michael Hobkirk, Jon Conlin (M&A), Michael Coburn (Tax), Tracey Cohen, Samantha Chang (Litigation) and Alex Cameron (Data Privacy).

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