(Adds details from statement, background) Sept 7 (Reuters) -...

(Adds details from statement, background)

Sept 7 (Reuters) - PayPal Holdings Inc PYPL.O said on Tuesday it would acquire Japanese buy now, pay later firm Paidy for $2.7 billion in cash, as the U.S. payments company looks to expand its reach in the Asian country.

Paidy's Founder and Chairman Russell Cummer and President and Chief Executive Riku Sugie will continue to hold their roles at the company, PayPal said.

The move comes weeks after Twitter Inc TWTR.N co-founder Jack Dorsey's Square Inc SQ.N announced its plans to buy Australia-based BNPL firm Afterpay Ltd (APT) for $29 billion.

The Financial Times in August had reported that Paidy was considering to become a publicly listed company.