By Noel Young

EBay is spinning off its PayPal division. Bloomberg said it the company was heeding demands by activist shareholder Carl Icahn and “giving the business independence it can use to contend with rising competition from Apple and Google.”

EBay and PayPal will become independent companies in 2015, the California-based company said in a statement today.

Chief Executive Officer John Donahoe, who said in March a full separation was “not a good idea,” won’t have an executive role in the businesses.

An independent PayPal, could fetch about $47 billion based on rivals’ valuations, said Bloomberg. It would have more latitude to Read full story ›

Source: The Drum