Take context from the input text and decide on the accurate relationship between 'eBay' and 'PayPal' from the options provided.
Options: product/material produced, distribution format, subsidiary, position held

eBay has agreed to sell its enterprise unit to a private-equity-led group for $US925 million ($1.25 billion) and reported results that topped analysts' estimates, days before the e-commerce company spins off its PayPal transactions business.
subsidiary