2 hours ago - Business

Stripe and Advent make $53B bid for PayPal

Lucinda Shen

Illustration of one piggy bank eating another piggy bank. — Illustration: Brendan Lynch/Axios

PayPal received an acquisition offer from Stripe and Advent valuing the payment giant at over $53 billion, Reuters reports.

Why it's the BFD: It would be the largest fintech acquisition ever — and a rare case of a venture-backed company buying an S&P 500 company.

By the numbers: Stripe and Advent are offering $60.50 per PayPal share, a 28% premium to the company's Tuesday closing price. They also have some $50 billion in committed financing from banks.

PayPal, Stripe and Advent declined to comment.

Between the lines: Stripe and PayPal's Braintree business compete directly, but PayPal's Venmo business would be strategically new to Stripe and give it a direct avenue into consumer's wallets.

Reality check: PayPal has struggled to monetize Venmo, despite its ubiquity.

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Stripe and Advent make $53B bid for PayPal

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