eBay announced today that it will buy Braintree, an electronic payments company, for $800 million in cash.
Braintree is a rival to eBay’s own PayPal, so the deal effectively eliminates a competitor.
Here’s the press release:
SAN JOSE, Calif. & CHICAGO, Ill.–(BUSINESS WIRE)–eBay Inc. (NASDAQ:EBAY) announced today that it has agreed to acquire Braintree, the innovative global payment platform powering the next generation of leading online and mobile-first startups, for total consideration of approximately $800 million in cash.
Read this article on BusinessInsider.com.