PayPal Inc. shareholders have approved a $1.3 billion merger with online auctioneer eBay , according to news reports.
Earlier, San Jose, CA-based eBay said it had obtained all approvals needed under state money transmittal laws to complete its acquisition of PayPal Inc.
The all-stock acquisition gives eBay control of the Internet’s largest purveyor of online payment services.
About two-thirds of PayPal revenues come from fees generated by eBay auction transactions. PayPal has some 20 million registered users, including 3.7 million business accounts. Since 1999, PayPal says it has moved an estimated $10 billion through the online service, according to news reports.
Under terms of the merger agreement, PayPal shareholders will receive 0.39 shares of eBay stock for every share of PayPal.
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