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Business deals

Australia's Zip payment provider takes over US peer in $270m deal

QuadPay acquisition adds 1.5m clients in push for global expansion

SYDNEY -- Australia's Zip, a company that offers installment payment services, will buy out all shares of U.S. counterpart QuadPay in a deal that values the target at about 400 million Australian dollars ($270 million).

Zip, which purchased 14% of QuadPay last year, will acquire the remaining shares through an equity swap. QuadPay's shareholders will own as much as 23.3% of Zip.

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