Stripe and Advent have offered $60.50 per share for PayPal, a 28% premium to its last close, Reuters reported. The $53B bid would mark the largest fintech deal.
Stripe and private-equity firm Advent International have offered to buy PayPal for $60.50 a share, Reuters reported, citing people familiar with the matter. The bid values the digital payments company at roughly $53 billion, a 28% premium to its most recent close.
Neither Stripe nor PayPal confirmed the approach. Advent declined to comment. The deal would combine two of the largest payment platforms in the U.S., though antitrust scrutiny is a likely hurdle. Stripe, valued at $50 billion in its last private funding round, would gain access to PayPal's sprawling merchant network and its Venmo consumer base. Advent, a longtime buyout shop, has backed payments companies like Worldpay and Global Payments.
PayPal shares jumped 15% in after-hours trading on the report. The stock has lost about a third of its value over the past year as the company struggled with slowing growth and rising competition from Apple Pay and Block's Square.
Stripe's offer comes as the fintech sector consolidates. Just last month, Fiserv agreed to buy First Data in a $22 billion deal. The PayPal bid, if successful, would be one of the largest leveraged buyouts in history.
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