Online pureplay eBay announced on Thursday evening that it has reached a definitive agreement to sell eBay Enterprise.

The company said it will be shifting the division for $925 million to a consortium consisting of Sterling Partners, Longview Asset Management, and Innotrac Corporation, together in partnership with companies owned by the Permira Funds.

The move is part of a streamlining of the company ahead of its planned de-merger with online payments provider PayPal.

The Enterprise division, which was formerly known as GSI Commerce, functions to help other retailers strengthen their online businesses.

Ebay's announcement came as it released its second quarter results, which showed that revenue in the three months to 30 June 2015 had grown to $4.4 billion – aided by sales growth at both its retail and PayPal arms.

As eBay and PayPal prepare for life as separate companies, the quarterly financials showed that the latter's net total payment volume (TPV) grew by 20% in the second quarter to $66 billion, with Merchant Services volume up 27% but on-eBay volume down 1%. On a constant currency basis, PayPal TPV grew 28%, with Merchant Services volume up 36% and on-eBay volume up 6%.

Payment volume through eBay Marketplaces was $14.5 billion, representing 22% of total TPV. Revenue grew to $2.3 billion, while PayPal also increased new active accounts by 11% to 169 million and processed 1.1 billion transactions over the period. 

During the quarter PayPal also agreed to acquire Xoom Corporation for approximately $890 million, which the business hopes will accelerate its entry into the $600 billion global remittance market. Other technology benefits are expected.

PayPal President Dan Schulman said: "We continue to gain share globally in an incredibly dynamic market and I'm especially proud of our deepening engagement with our customers.

"As an independent company we will continue to lead the transformation of the payments industry by giving people better ways to move and manage their money. I'd like to thank Devin and his team at eBay, who will continue to be key partners for PayPal in the future.”

PayPal – which is set to begin trading separately from eBay on the Nasdaq next week – expects full-year net revenues to grow 15-18% on a constant currency basis, although guidance does not include the pending acquisition of Xoom Corporation.

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