Goodwin attorneys advised Xoom Corporation in connection with its recently announced $890 million sale to PayPal. The cash transaction, which was unanimously approved by the Boards of Directors for both companies, is expected to close in the fourth quarter of 2015 and is subject to customary closing conditions. Goodwin has represented Xoom on a number of transactional and corporate matters since 2010, including in its initial public offering in early 2013.
Based in San Francisco, Xoom Corporation is a digital money transfer provider that enables consumers to send money, pay bills and send mobile reloads to family and friends around the world in a secure, fast and cost-effective way, using their mobile phone, tablet or computer. During the 12 months ended March 31, 2015, Xoom’s more than 1.3 million active customers sent approximately $7.0 billion with Xoom. The company is traded on the Nasdaq exchange under ticker “XOOM.”
Founded in 1998, PayPal is at the forefront of the digital payments revolution, processing almost 12.5 million payments per day. PayPal gives people better ways to connect to their money and to each other, helping them send money without sharing financial information and with the flexibility to pay using their PayPal account balances, bank accounts, PayPal Credit and credit cards. The company, available to people in 203 markets, has 165 million active customer accounts and allows people to get paid in more than 100 currencies. PayPal is in the process of being separated from eBay Inc. (NASDAQ: EBAY).
The team advising Xoom was led by partners Stuart Cable, Anthony McCusker and Andrew Goodman and associate Blake Liggio.
For additional information, please read the Xoom press release.