Complex sentence: In July 2002, eBay CEO Meg Whitman struck a deal with PayPal CEO Peter Thiel for eBay to acquire PayPal, and when the acquisition was finalized that October eBay began the process of phasing out Billpoint.
Split into simpler sentences: In July 2002, eBay CEO Meg Whitman agreed the acquisition of PayPal with its CEO Peter Thiel. When the deal was closed in October 2002, eBay began the process of phasing out Billpoint.