Advent and Stripe Abandon $50 Billion Bid for PayPal
A consortium led by Advent International and payment processor Stripe has decided to abandon its pursuit of fintech company PayPal Holdings Inc. (PYPL), according to sources familiar with the matter. The group had previously offered more than $50 billion, but negotiations have stalled as PayPal found their initial bid insufficient. PayPal, a pioneer in digital payments since the late 1990s, has faced challenges modernizing its technology amid competition from companies like Apple Inc. (AAPL) and Alphabet Inc. (GOOG). Despite interest from Advent and Stripe, which was first reported by Bloomberg News in February, PayPal's stock price had recovered significantly this quarter—rising over 40% to a market value of about $52.6 billion. While the deal is currently off the table, sources indicated that Advent and Stripe could return with renewed interest at a later date.
Topics: acquisition Advent PayPal Stripe