PayPal Receives $53 Billion Takeover Bid

Stripe and Advent International have submitted a joint bid to acquire the payments company PayPal for $53 billion.

According to sources familiar with the matter told Reuters, Stripe and private equity firm Advent International plan to buy PayPal for $60.50 per share.

The two companies submitted the offer earlier this month, which includes approximately $50 billion in bank financing, granting PayPal shareholders a premium of around 28%.

PayPal has not yet responded to the offer, which would give Stripe and Advent International joint ownership of the company, as well as equal stakes.

The company’s shares jumped around 16% in pre-market trading on Wall Street, after falling about 18% over the past year.

Earlier reports in February indicated that Stripe, valued at $159 billion, was considering acquiring PayPal.

Meanwhile, PayPal replaced its former chief executive, Alex Chriss, earlier this year. Chriss had originally been appointed to turn around the company’s poor performance.