More on PayPal/Braintree

Braintree will continue operating as a separate service with eBay's (EBAY +3.1%) PayPal unit, under the leadership of current CEO Bill Ready. Meanwhile, Braintree's Venmo social sharing-focused mobile payments app will be integrated with PayPal's mobile payments offerings.

PayPal says it's set to exceed a prior target of $20B in 2013 mobile transactions.

eBay expects the acquisition to be immaterial to its 2013 revenue guidance, and to dilute 2013 EPS by a penny.

The deal gives PayPal some fast-growing clients such as Airbnb and Uber, strengthens PayPal's product lineup for non-eBay merchants (some of whom have complained about the payments giant's on-site integration and payment policies), and acts as an insurance policy of sorts as competition in this space grows.

Investors are happy with the deal.

Earlier: PayPal buys Braintree for $800M

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