EBay has agreed to acquire online payment platform Braintree for roughly $800 million in cash.

Once the acquisition is completed, Braintree will continue to operate as a separate service within PayPal, under the continued leadership of Braintree CEO Bill Ready, who will report to PayPal President David Marcus. Braintree’s management team and employees are expected to stay in place.

The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close late in the fourth quarter of 2013.  

[Image courtesy: EBay]