What could a PayPal, Interactive Brokers transaction look like? With inflated valuations all-stock deals have become more popular. A traditional, all stock acquisition of Interactive Brokers by PayPal (tkr: PYPL), certainly could happen. However, our preference would be for a “NewCo” structure whereby PayPal would own the NewCo business, or at least own a majority and the Interactive Brokers (tkr: IBKR), team would lead the Retail Trading operation. NewCo would trade as a separate legal entity so as to capture the valuation frenzy around retail trading businesses.