Advent, Stripe drop $50 bln pursuit of PayPal, Bloomberg reports
Advent International and Stripe have ended their pursuit of PayPal Holdings, according to a Bloomberg News report. The consortium had been offering over $50 billion for the digital payments company, which would have been among the largest leveraged buyouts. The interest in PayPal arose after its shares dropped significantly, prompting Stripe to consider acquiring a portion or the entirety of the company.
PayPal's stock has surged more than 40% this quarter, driven by better-than-expected earnings and the departure of its CEO. In March, PayPal replaced Alex Chriss with Enrique Lores in an effort to revitalize growth and modernize its operations amidst increasing competition from Apple and Alphabet. The consortium may return with another offer if the situation changes.
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