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eBay coughs up $1.5bn for PayPal

$1.5bn? That price is so 1990s...

By editorial@silicon.com

Published: 8 July 2002 14:55 GMT

Auction site eBay is buying online payment firm PayPal for $1.5bn in stock.

The PayPal deal will provide eBay's customers with the facility to send and receive internet payments securely and cheaply, according to the auction site.

The all-share deal will see 0.39 eBay shares exchanged for each PayPal share.

The deal is still awaiting government and regulator approval.

By Brianne Llewellyn

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