PayPal Tanks as eBay's Influence Expands
In a move that will likely ratchet up the competition in the online payment business, online auctioneer eBay (EBAY Quote) took control of its subsidiary Billpoint Thursday.
eBay paid Wells Fargo (WFC Quote) $43.5 million for the 35% of Billpoint, also known as eBay Payments, it didn't already own, implying a value of roughly $125 million -- a small fraction of the nearly $1 billion market value given to rival PayPal (PYPL Quote), which recently went public. Wells Fargo will continue to process payments made through Billpoint.
Analysts say it is tough to analyze the deal since eBay doesn't break out financials for Billpoint, which was formed in 1998. San Jose, Calif.-based eBay bought into the company in 1999, and in 2000 partnered with Wells Fargo. ...
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