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12 Jul, 2022
By Eden Estopace
Australia's Zip Co Ltd. and U.S.-based Sezzle Inc. have mutually agreed to terminate their proposed merger.
The companies agreed to scrap Zip's planned acquisition of Sezzle due to current macroeconomic and market conditions, according to a July 12 release.
The all-scrip deal signed in February valued Sezzle at A$491 million. As part of the termination agreement, Sezzle will receive US$11 million from Zip to cover legal and other costs associated with the transaction.
Zip noted that the U.S. remains a core market and area of focus for its business.