Payments company Stripe and private equity firm Advent International have made a joint offer to acquire PayPal Holdings Inc. for $60.50 per share, in a deal that would value the payments company at more than $53 billion, a report said on Wednesday.
The offer, submitted earlier this month, is backed by about $50 billion in committed financing from banks, Reuters said, citing sources. The offer represents around a 28% premium to PayPal's closing share price on Tuesday.
The sources, who are familiar with the matter, declined to be named as the deal discussions are confidential. PayPal, Stripe and Advent declined to comment.
The proposal follows an initial approach made in early April, the sources said. Stripe and Advent have not received a response from PayPal and are seeking to advance discussions in the coming weeks, the sources added.
Under the proposal, Stripe and Advent would jointly own PayPal, with each holding an equal stake, rather than breaking up the company, the people said. There is no certainty that the approach will result in a transaction, they added.
