Stripe and Advent Plan to Acquire PayPal for Over $53 Billion

Payment company Stripe and private equity firm Advent International have jointly submitted a buyout offer for PayPal at $60.50 per share, valuing the company at over $53 billion. This represents a premium of approximately 28% over PayPal's Tuesday closing price. The offer was submitted earlier this month and is backed by roughly $50 billion in committed bank financing. Stripe and Advent had preliminary contact in early April, and have yet to receive a response from PayPal. The parties are seeking to reach an agreement by the end of this month. Under the proposal, Stripe and Advent would jointly hold PayPal, each owning a 50% stake, rather than splitting the company.