The European Central Bank (ECB) has officially approved the eBay and PayPal separation, which was first announced in September 2014 following months of speculation.
eBay said that the full split will be officially declared on 17 July 2015 and PayPal’s first listing as an independent entity on the Nasdaq will occur on 20 July 2015.
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"EBay and PayPal are two great businesses with extremely bright futures — as independent companies, their sharper focus and increased flexibility will improve their ability to pursue their respective market opportunities and strategic priorities," eBay president and CEO John Donahoe said in a statement.
In June 2015, board of directors of eBay approved the planned spinoff of PayPal, which will trade as an independent company from 20 July 2015.
eBay acquired San Jose, California-based PayPal for $1.5bn in 2002.
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