UPS to acquire Happy Returns from PayPal, terms not disclosed

UPS (UPS) announced that it has entered into an agreement to acquire Happy Returns from PayPal (PYPL). Happy Returns is a U.S.-based software and reverse logistics company that enables frictionless, no-box, no-label returns for merchants and consumers. “We know that returns have long frustrated shoppers and retailers looking for quick and easy solutions,” UPS CEO Carol B. Tome said. “By combining Happy Returns’ easy digital experience and established drop-off points with UPS’s small package network and footprint of close to 5,200 The UPS Store locations, box-free, label-free returns will soon be available at more than 12,000 convenient locations in the U.S.” The acquisition of Happy Returns is expected to close in the fourth quarter of 2023, subject to customary conditions and regulatory approvals. Terms of the acquisition were not disclosed.