ebay and PayPal Prepare to Merge
eBay has begun preparing for its merger with PayPal by playing management musical chairs. Stung by its last acquisition of Billpoint, which eBay critics declared a "failure," eBay is hoping to avoid those pitfalls with its PayPal acquisition. The online auction company has named Matt Bannick as its Senior V.P of Global Online Payments, and he will coordinate the PayPal merger with eBay. eBay and PayPal reached an agreement in July of this year, whereby the parties agreed that PayPal would merge with eBay in an all-stock transaction said to be worth approximately $1.3 billion. PayPal's shareholders will vote on the acquisition in October, and it is expected to be approved. PayPal offers secure online electronic payment transfers for e-commerce transactions, and is menu driven so that it is particularly convenient to use for payments of eBay purchases.
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