Menger's theorem for infinite graphs

We prove that Menger's theorem is valid for infinite graphs, in the following strong form: let $A$ and $B$ be two sets of vertices in a possibly infinite digraph. Then there exist a set $\cp$ of disjoint $A$-$B$ paths, and a set $S$ of vertices separating $A$ from $B$, such that $S$ consists of a choice of precisely one vertex from each path in $\cp$. This settles an old conjecture of Erd\H{o}s.