Zip and Sezzle, which are both listed in Australia, had previously disclosed that they were discussing a buyout. They said they agreed terms this week, just as Zip confirmed a A$108.1m loss for July-December, excluding one-off items, versus a small underlying profit a year earlier.
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Australia's Zip to buy U.S. buy-now-pay-later rival Sezzle amid softening market
"The U.K. remains further away than we're comfortable with to continue to invest at the same rate," said Chief Executive Larry Diamond, Zip's founder and largest shareholder with 9.3% of its stock. Report ad
