July 15 – Payments company Stripe and private equity firm Advent International have made a joint offer to acquire PayPal Holdings Inc (PYPL.O), for $60.50 per share, in a deal that would value the payments company at more than $53 billion, two people familiar with the matter said.
The offer, submitted earlier this month, is backed by about $50 billion in committed financing from banks, the people said, and represents around a 28% premium to PayPal’s closing share price on Tuesday.
The people declined to be named as the deal discussions are confidential. Advent declined to comment, while PayPal and Stripe did not immediately respond to Reuters requests for comment.
The proposal follows an initial approach made in early April, the sources said. Stripe and Advent have not received a response from PayPal and are seeking to reach an agreement by the end of the month, the sources added.
Under the proposal, Stripe and Advent would jointly own PayPal, with each holding an equal stake, rather than breaking up the company, the people said. There is no certainty the approach will result in a transaction, they added.
Reporting by Milana Vinn in New York; Editing by Echo Wang, Sumeet Chatterjee and Lincoln Feast.
