Key facts
- Stripe and Advent International jointly offered to acquire PayPal for over $53 billion.
- The offer price is $60.50 per share.
- The bid represents a premium of approximately 28% to PayPal's recent closing share price.
- PayPal's stock surged approximately 18% following the news.
- The offer is backed by roughly $50 billion in committed bank financing.
Stripe and private equity firm Advent International have reportedly submitted a joint bid to acquire PayPal in a deal valued at approximately $53.4 billion, or $60.50 per share. The offer, submitted earlier this month, is backed by roughly $50 billion in committed bank financing. PayPal, which owns Venmo, is the target of what one group of analysts described as a “lowball” offer from Stripe, another payment processor, and Advent, a private equity firm. PayPal's stock surged approximately 18% following the news of the bid, which represents a premium of about 28% to its recent closing share price. This potential deal comes as PayPal's CEO Enrique Lores has outlined plans to cut at least $1.5 billion in costs over the next two to three years and potentially reduce its workforce. PayPal, Stripe, and Advent International did not immediately respond to requests for comment.