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Article: eBay Completes PayPal Acquisition.

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Business Wire
Article date:
October 3, 2002
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Business Editors

SAN JOSE, Calif.--(BUSINESS WIRE)--Oct. 3, 2002

eBay Inc., the world's online marketplace (Nasdaq:EBAY) (www.ebay.com), today completed its previously announced acquisition of PayPal, Inc. (Nasdaq:PYPL) (www.paypal.com), the global payments platform. At today's meeting of PayPal stockholders, the transaction was approved by holders of approximately 65% of the outstanding shares of PayPal common stock representing more than 99% of the shares voting.

In addition, Peter Thiel announced today that he has resigned as PayPal's CEO. Matt Bannick, eBay's senior vice president, global online payments, will assume all of Thiel's ...

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