UPS Acquires Happy Returns from PayPal

UPS has agreed to acquire Happy Returns, a U.S.-based software and reverse logistics company, from PayPal. The deal (terms undisclosed) will fold Happy Returns' no-box, no-label returns platform and drop-off network into UPS's package network and The UPS Store footprint — expanding box-free return availability to more than 12,000 U.S. locations; Happy Returns CEO David Sobie will continue to lead the business. The acquisition is expected to close in the fourth quarter of 2023, subject to customary conditions and regulatory approvals.