PayPal will acquire bill payment processor TIO Networks for $233 million in cash, a 25.2% premium over TIO’s 90-trading-day volume-weighted average share price on the Toronto Stock Exchange. The acquisition is expected to close in the second half of 2017. In the fiscal year that ended July 31, 2016, TIO generated $57.1 million in revenue. TIO processed about $7 billion in bill payments last year. The company integrates with the back-office systems of 10,000 billers. Consumers pay utility, cable, phone, and other monthly bills at more than 65,000 over-the-counter locations and 900 kiosks usin...