Stripe Advent International 53 billion dollar takeover offer PayPal board meeting
PayPal $PYPL is in play: Stripe and Advent International offered $60.50 per share, valuing the company above $53 billion, a 28% premium to Tuesday's close. The stock jumped 17%. The board meets as soon as July 20. Per Reuters and CNBC.
The payments industry may be heading for its biggest shakeup in years. Stripe and private equity firm Advent International submitted an offer to acquire PayPal $PYPL for $60.50 per share, valuing the company at more than $53 billion, a 28% premium to Tuesday's close. The bid comes with roughly $50 billion in committed bank financing, and the two firms would share ownership equally with no plans to break the company up. PayPal shares jumped 17% on the news, and the board is expected to meet as soon as July 20 to discuss the offer. The strategic logic is debated: Stripe dominates behind-the-scenes payment processing for businesses, while PayPal's strength sits in consumer-facing apps, especially Venmo. What is clear is that the offer puts PayPal in play. A premium bid after a long stretch of share price weakness forces the board to weigh the offer against confidence in its own turnaround plan, and it may draw rival bidders into the process. Per CNBC, Reuters and Axios.