Ecommerce giant, eBay Inc. (NASDAQ: EBAY) announced on Thursday that it plans to acquire payment service provider Braintree in an all-cash transaction valued at $800 million. The acquisition will help eBay expanding traction in mobile payment transaction, which currently is handled by its online payment unit, PayPal. The Company said that Braintree will operate as a separate service unit within PayPal with its Chief Executive Bill Ready reporting to PayPal President David Marcus. Chicago-based Braintree works with mobile and online companies such as restaurant reservation service provider, Open Table and room rental company, Airbnb.
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