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Article: PAYPAL BUYS VERISIGN'S PAYMENT GATEWAY BUSINESS ...(Brief Article)

Article from:
Cardline
Article date:
October 14, 2005
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VeriSign Inc., the online payment trust company, announced yesterday that it has sold its payment gateway business to PayPal Inc. for $370 million in cash or eBay stock as part of an alliance between the two San Francisco-area companies. An Ebay spokesperson tells CardLine it will disclose in the fourth quarter, what method, or combination of methods, it will use to close the deal. PayPal, an eBay Inc. company, will combine PayPal's merchant-services platform with VeriSign's gateway business, the companies announced. The deal will increase PayPal's merchant-services business by tens of thousands of new small and medium-sized online business customers, PayPal reported. ...

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