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EBay, PayPal to break up

Media | 09/30/2014 4:06 pm EDT

EBay Inc. said Tuesday that its EBay and PayPal divisions will split into two separate companies next year. The companies said in a press release the two divisions would spin off from each other in the second half of 2015, subject to regulatory approval and other conditions. "As independent companies, EBay and PayPal will enjoy added flexibility to pursue new market and partnership opportunities," EBay CEO John Donahoe said in the release. "And we are confident, following a thorough assessment of the relationships between EBay and PayPal, that operating agreements can maintain synergies going forward." The company said Donahoe and chief financial officer Bob Swan will lead the split. Neither will be an executive in the separate companies, though they will sit on one or both boards to provide some continuity, EBay said....