EBay and PayPal partnership officially to an end
The partnership between eBay and PayPal officially ends next month after eBay's board of directors agreed on the completion of separation of both businesses.
After July 17, eBay and PayPal will act as two independent publicly traded companies and the first day of regular trading, as distinct companies, will be on July 20, according to an official press release.
Following the official split of the companies, eBay stockholders expect to receive one share of PayPal common stock for every share of eBay common stock held as of July 8.
EBay, a global commerce giant, is set to celebrate its 20th anniversary in September. The company has been a busy marketplace that connects 157 million active buyers and 25 million active sellers worldwide. EBay produced $8.8 billion in revenue for 2014.
Supporting 10 million merchants globally, PayPal is one of the most trusted digital wallet brands. The company handled one billion mobile transactions and processed $235 billion in payment volume across 165 million active customer accounts and generated $8 billion in revenue in 2014.
However, many business analysts considered it an awkward partnership when eBay acquired PayPal for $1.5 billion in 2002.
When eBay announced the upcoming split of the companies in September, its shares immediately soared by more than 7 percent.
Source: Tech Times