PayPal-eBay on track for split; PayPal trading stock next week

PayPal has since made a number of public announcements and moves to strengthen its brand in the eyes of both shareholders and consumers.

PayPal and eBay are set to go their separate ways this week.

The online retail giant issued a brief update about the separation on Monday after obtaining approval for the split from the European Central Bank.

Thus, the separation is on track to be completed on Friday, July 17 at 11:59 PM ET.

PayPal will begin trading standalone stock next Monday, July 20 with an estimated $45 opening target price, according to MarketWatch.

EBay confirmed plans to spin of its mobile payments subsidiary into a separate publicly traded company last September following months of speculation -- much of which came as a result of some very public criticism from shareholder and prominent financier Carl Icahn.

PayPal has since made a number of public announcements and moves to strengthen its brand in the eyes of both shareholders and consumers.

In May, PayPal said it will trade as a standalone company on the Nasdaq stock exchange under the ticker symbol, "PYPL."

Founded in 1998, the San Jose, Calif.-based company originally traded under the PYPL ticker symbol before it was acquired by eBay for $1.5 billion in 2002.

During a media presentation this spring, PayPal executives promised the tech giant is building up to a full suite of next-generation services for consumers and merchants alike, described to be an "operating system for digital commerce."

Most recently, PayPal acquired money transfer provider Xoom in a $890 million deal. PayPal intends to use Xoom's resources to broaden its own range of services and global customer base.

With the deal expected to close during the fourth quarter, Xoom will operate as an independent service within the PayPal portfolio.