PayPal to trade on its own soon

EBAY’s PayPal unit is on track to begin trading on July 20 under the stock symbol PYPL, as the company splits into two businesses, with one focused on online commerce and the other on digital payments. Stockholders will receive one PayPal share for every eBay share. The board formally approved the split on Friday. PayPal will trade on the Nasdaq stock market. eBay and PayPal will operate under a five-year agreement that will guarantee a reliable source of revenue for PayPal after the separation. An independent PayPal will be freed up to forge alliances with retailers and other financial firms, as Google and Apple seek to turn their products into tools for digital payments. – Bloomberg