Payment Processing Comes Full Circle
February 26, 2002
EBay Buys Back Wells Fargo?s Equity Interest In Billpoint
Inman News Features
EBay and Wells Fargo & Co. announced that eBay has repurchased Wells Fargo's equity stake in Billpoint, eBay's payment subsidiary.
The repurchase price was $43.5 million.
Wells Fargo said it would continue to support eBay Payments by Billpoint through its payment processing and risk management services.
"The increased integration of Billpoint and eBay over time makes this stock repurchase very attractive for both Wells Fargo and eBay," said Billpoint CEO Janet Crane. "We're pleased that our strategic relationship with Wells Fargo will continue, helping us deliver the fastest, easiest and safest payments experience available."
EBay and Wells Fargo formed a strategic relationship in March 2000 to provide eBay's buyers and sellers with its first integrated online payment service. At the time, Wells Fargo acquired a 35 percent equity stake in Billpoint. Nearly a quarter of all eBay listings today offer Billpoint as a payment option, the companies reported.
Copyright: Inman News Service