Stripe and private equity firm Advent International have made a joint offer to acquire PayPal Holdings Inc. The proposal offers $60.50 per share in cash, valuing the fintech company at more than $53 billion.
The bid is backed by approximately $50 billion in committed financing from banks. Under the terms of the proposal, the two buyers would hold equal stakes in the business.
PayPal shares climbed in premarket trade following reports that the payments start-up and private equity group had jointly offered to buy the company.