EBay Drops $800M On PayPal Rival Braintree

Law360, New York (September 26, 2013, 4:09 PM EDT) -- EBay Inc. will buy online payment processing company Braintree for $800 million in cash to extend its reach in the online consumer transaction sector, the companies announced Thursday.

Braintree was one of the rivals of PayPal, an eBay subsidiary and a leading provider of online payment services. According to the buyer, the deal will help eBay and PayPal expand into the mobile phone and tablet payment market.

"Braintree is a perfect fit with PayPal,” eBay President and CEO John Donahoe said in a statement. “[Braintree CEO]...
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