PayPal Holdings Inc.
PYPL,
+0.60%
plans to acquire Happy Returns, a company focused on improving the process for e-commerce returns. The company works with retail brands to let customers visit "return bars" to send back online purchases without having to box and ship items themselves. Happy Returns previously partnered with PayPal and said in a blog post announcing the acquisition that it would be focused on " improving our platform and expanding our footprint, all with the goal of providing more customers with the most seamless, cost-effective and environmentally friendly way to make and process returns." PayPal expects the deal to close in the second quarter, according to a spokesperson. The company didn't announce the financial terms of the deal. Shares of PayPal are off 0.3% in Thursday afternoon trading. They've gained 66% over the past 12 months as the S&P 500
SPX,
+1.44%
has risen 45%.