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https://www.wsj.com/articles/SB1033689729137345113
EBay Completes PayPal Deal,Gaining Web-Payments Heft
Stock Purchase Is Valued at $1.4 Billion;
By
Nick Wingfield
Staff Reporter of
The Wall StreetJournal
Oct. 4, 2002 12:01 am ET
SAN JOSE, Calif. -- EBay Inc.said it completed its $1.4 billion acquisition of PayPal Inc., giving the Internetauctioneer control of a top player in the Internet-payments market. EBayprovided its first detailed financial forecast for the combinedcompany.
At a meeting of PayPal investors Thursday, the transaction was approvedby holders of approximately 65% of PayPal common stock, representing morethan 99% of the shares voting. EBay said that PayPal's chief executive,Peter Thiel, resigned, and that eBay's senior vice president of globalonline payments, Matt Bannick, assumed Mr. Thiel's responsibilities.
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