PayPal To Buy Canada-based TIO Networks For $233 Mln

PayPal Holdings Inc. plans to buy Canadian cloud-based payment processing firm TIO Networks Corp. for $2.56 a share in a deal valued at $233 million, PayPal said late Tuesday. The price represents a premium of 25.2% over TIO's 90-day volume-weighted average price as of Monday. The San Jose, Calif.-based company plans to finance the purchase with cash on its balance sheets and its 2017 outlook won't be impacted by the transaction. PayPal shares were off 0.4% after hours.