eBay Acquires Bill Me Later; To Cut 1,000 Jobs

Here’s some good news from eBay. The company has reached a definitive agreement to acquire Bill Me Later for approximately $820 million in cash and approximately $125 million worth of outstanding options, net of option exercise proceeds.

The acquisition would make eBay a stronger player in payments with Bill Me Later and PayPal under its wings.

Now, here’s the bad news. The company announced that it is cutting 1,000 employees to bring down its workforce by 10 percent. Temporary workers are also expected to go. So, if you’re hoping to land a job at eBay, look somewhere else as the company is reducing open positions as well. Come again another day.