Online retailer eBay (News - Alert) Inc. announced it has now completely acquired Bill Me Later for a $945 million.

 

In accordance with the terms of the acquisition agreement, the San Jose-based eBay acquired Bill Me Later for approximately $820 million in cash and approximately $125 million worth of outstanding options, net of option exercise proceeds.

 

On Thursday, Federal Trade Commission approved this deal. eBay expects the deal to be accretive in 2011.

 

Timonium, Md.-based Bill Me Later’s technology does a credit check to approve or deny a sale. If the transaction is accepted, the company lends the consumer a loan that is later is paid back with interest. More importantly, this service allows online shoppers to make purchases without entering their credit card number.

 

Founded in 2000, the Company employs about 250 people in Greater Baltimore, including those at a new call center in Hunt Valley.

 

In a statement issued in October, EBay said it would pay about $924 million for the company. EBay has borrowed $1 billion under its revolving credit facility to finance the transaction, and other general corporate services.

 

The Bill Me Later clientele includes more than 1,000 online stores, catalogs and travel partners including Amazon, Borders, Blue Nile, Bluefly, Continental Airlines, eLUXURY, Fujitsu, JetBlue, Overstock, QVC, Toshiba (News - Alert), Toys "R" Us, US Airways, Walmart.com and Zappos.

 

eBay already owns PayPal, and this latest acquisition of Bill Me Later complements the company’s online payment solutions portfolio. The resulting PayPal and Bill Me Later combination will allow for web users to buy multiple products on eBay or elsewhere and choose if they want to pay for them immediately or over time.

 

Not only Bill Me Later sounds like a great addition to PayPal, it also draws comparable revenue on its own - in 2009 eBay expects Bill Me Later to generate an estimated $150 million of revenue.