PayPal to acquire online coupon site Honey for $4 bn

PayPal Holdings Inc will acquire Honey Science Corp for about $4 billion, making the popular coupon site its largest-ever acquisition.

About 17 million people use Honey apps or web browser extensions to find discounts at online shopping sites. The startup was profitable in 2018, PayPal said in a statement. Shares of the payments giant were little changed in extended trading.

Honey is valued at almost twice what PayPal paid for its next-largest deal, iZettle, the Swedish provider of small-business services it purchased in 2018, and marks the first major acquisition this year. Chief Executive Officer Dan Schulman has signalled that PayPal, with more than $10 billion in cash, is on the hunt for more deals after a string of takeovers last year that included Hyperwallet and Simility.