Partner Alison Ressler in the Los Angeles office of Sullivan & Cromwell represented eBay in the transaction. The deal has been rumored to be in the works for months, but Ressler wouldn’t say how long eBay has been pursuing PayPal. Whispers on the street had the online auction firm pining for PayPal back in April.
According to Ressler, the deal was completed in a matter of days and over a holiday weekend. “EBay contacted us last Wednesday and we worked through the weekend to get it done by Monday morning,” said Ressler. She said everyone that worked on the deal put their holiday plans on hold and got to work, pulling a couple of all-nighters in the process.
