eBay is arguably the biggest online auction powerhouse and has been for quite a few years now. Back in 2002 it acquired internet payments giant PayPal for $1.5 billion. This move was seen as a way for eBay to increase the number of transactions being processed by PayPal through diversion of its users towards the payments service. Over a decade after the acquisition eBay has now formally confirmed that PayPal will be spun off into a separate company next year.
eBay is spinning off PayPal into a separate company
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