PayPal Inc said it would buy digital money transfer provider Xoom Corp (XOOM.O) for $890 million as it muscles into a growing international remittance market and expand in countries like Mexico, India and China ahead of a spinoff from eBay Inc (EBAY.O).
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Consumer web companies had been filling the IPO lull typically experienced during the holiday season, said Reuters.
Online money transfer service Xoom Corp is preparing for an initial public offering.
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