Tuesday, September 30, 2014

eBay, PayPal To Split Into Two Companies

eBay said today that it plans to split the company into two, and will spin out PayPal into its own, independent company. The two will bot h be publicly traded. According to the companies, the plan comes as it has become "less advantageous" to remain together beyond 2015, due to a "rapidly changing" global commerce and payments landscape. eBay will be led by Devin Wenig, current President of eBay Marketplaces; PayPal will be led by Dan Schulman, who was prevoiusly at American Express. eBay said it is being advised by Goldman, Sachs & Co. and Allen & Company LLC, as well as Wachtell, Lipton, Rosen and Katz in the deal.