EBay breaks up with PayPal again, stock soars as PayPal shares dive

More than two years after splitting up with PayPal Holdings Inc., eBay Inc. is planning to distance itself from the relationship even more.

EBay EBAY, +0.45% said Wednesday that it plans to take over crucial payments-processing duties for its core Marketplace e-commerce offering, a role that PayPal PYPL, +1.84% has handled for the e-commerce site under a deal signed when the two companies split in 2015. EBay said it expects to fully transition to the new system in 2021 with the help of a new payments partner, Adyen; the deal with PayPal runs through mid-2020, and eBay said that PayPal had agreed to a new agreement that will continue to allow buyers to pay with its services through at least 2023.

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