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eBay Snaps Up Bill Me Later, Cuts 1000 Employees

As expected, eBay laid off 10 percent of its workforce, totaling about 1000 workers. But even as the company slims down for hard times, it found the capital to make two purchases: online payment company Bill Me Later, and a classifieds firm based in Denmark.

Bill Me Later, which enables people to pay in installments for purchases across sites like WalMart, Apple and US Airways, reportedly cost $820 million in cash and $125 million in outstanding options. Previous investors include Amazon.com.

Last month eBay announced it would cease accepting money orders and checks for online purchases, leaving only PayPal as a means of paying for auction purchases and seller fees.

PayPal accounts for one-third of eBay's revenue — which in some ways justifies the Bill Me Later buy, according to CEO Bill Donahoe: "PayPal and Bill Me Later just go together," he said, adding that the incorporation of Bill Me Later could help lower transaction expenses.

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