PayPal set to float on 17 July

Ebay’s board of directors has approved the completion of the separation of eBay and PayPal into two independent publicly traded companies. The split is expected to take place on 17 July 2015 and “will occur through a pro rata distribution of all of the stock of eBay’s subsidiary PayPal to eBay stockholders,” the company says. “Immediately following the distribution, PayPal will be an independent, publicly traded company.”