|10-01-2014, 02:32 PM||#1|
eBay spin off PayPal online payments service
The e-commerce giant eBay announced on Wednesday that it will split off from the mobile payments service PayPal to accordingly form two independent trading companies starting from next year.
Only six months earlier, eBay’s management rejected the call of hedge fund billionaire and activist investor Carl C Icahn to spin off PayPal, which actually till this day generated nearly half of the overall company`s revenue.
The praise was delivered apparently. After months of long discussions among the company`s executives and managers, EBay decided to spin off PayPal online payments service into a separate company, which now believes would "help both businesses take advantage of new opportunities to grow in challenging markets".
eBay`s CEO John Donahoe said he strongly believes in this new move and separation of both companies within this recent timing for better future performance, efficiency and stronger revenue.
“The synergies which helped fuel (PayPal`s growth) are declining over time”, he added.
However, Donahoe affirmed he has always "tried to do and will always try to do is to do the right thing, to do the right thing for eBay and position eBay for the long-term.”
This spin-off will help maintain the company’s long-term position among rivals, and will surely give the company an edge in the e-commerce industry.
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