Australia's Zip taps U.S. market with buyout of buy-now-pay-later peer
Australia's Zip taps U.S. market with buyout of buy-now-pay-later peer. (Reuters) - Zip Co Ltd said on Tuesday it will buy out buy-now-pay-later (BNPL) firm QuadPay in a stock deal valuing the New York-based company at $269 million, as the Australian firm looks to tap the fast-growing U.S.-market where its rivals are thriving. Zip will offer 119 million shares, or about 23% of the company, to shareholders of QuadPay for the remaining 86% of the U.S. firm it does not already own. Larger rivals like Afterpay Ltd and Sweden's Klarna have flourished in the United States, building on the BNPL sector's growing popularity, especially with millennials, as it allows consumers to buy products in interest-free installments.