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Stripe and Advent International launch $53 billion bid for PayPal
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Stripe and Advent International launch $53 billion bid for PayPal
Stripe and private equity firm Advent International have submitted a $53 billion offer to acquire the payments company PayPal.
- The all-cash offer values PayPal at $60.50 per share, a 28% premium over its Tuesday closing price, according to sources cited by the Financial Times.
- The bid is backed by $50 billion in bank financing, two sources told the Financial Times.
- PayPal shares surged about 19% to $56.45 in early trading on Wednesday after the offer was disclosed.
- Irish brothers John and Patrick Collison, who founded Stripe, participated in the bid alongside Advent International, the Telegraph reported.
Latest developments
- Jul 15 — The bid was submitted earlier this month and has not received a public response from PayPal
- Jul 15 — PayPal, under new CEO Enrique Lores, plans to cut costs by at least $1.5 billion and reduce its workforce by around 20%
Coverage
2 outlets — read the original reporting
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