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White & Case has advised U.S. payments giant PayPal Holdings on its $2.7 billion agreement to acquire Japanese buy now, pay later (BNPL) firm Paidy, which was represented by Cooley and Mori Hamada & Matsumoto.

Reuters reported that buying Paidy will help PayPal expand in a country where online shopping volume has more than tripled over the last 10 years to some $200 billion, but more than two-thirds of all purchases are still paid in cash.

Paidy, with more than 6 million registered users, offers payment services that allow Japanese shoppers to make purchases online, and then pay for them each month at a convenience store or via bank transfer, Reuters added.

The  Cooley team was led by partners Rama Padmanabhan and Patrick Loofbourrow, while Tokyo partners Nels Hansen and Jun Usami led White & Case in this deal.