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PayPal Reportedly in Renewed Sale Talks with Stripe and Advent
PayPal is reportedly in renewed sale negotiations with Stripe and private equity firm Advent, potentially reaching a deal in the coming weeks as CEO Enrique Lores pushes a turnaround plan.
Reports indicate that Stripe and Advent International made a proposal in July to acquire PayPal for $60.50 per share, valuing the payments firm at about $53 billion. PayPal initially declined, but talks have reportedly continued and a deal could be finalized in the coming weeks. Neither PayPal nor Stripe would comment on the speculation.
The renewed negotiation comes as PayPal CEO Enrique Lores, who joined in March after years at HP, works to stabilize the company's performance. Lores has outlined a turnaround plan aimed at shaking up operations.
In April, he executed an executive shuffle and split the business into three operating units: checkout solutions and PayPal; consumer financial services, including Venmo; and payment services and crypto.
A month later, Lores told investors PayPal would recommit to its fundamentals, including 'becoming a technology company again.' A sale to Stripe and Advent would represent a dramatic change for the longtime payments leader.