Advent, Stripe drop $50 billion bid for PayPal
What's new: The collapse ends talks on what could have been one of the biggest leveraged buyouts, with PayPal valued near $52.6 billion.
Advent and Stripe have walked away from their pursuit of PayPal, ending takeover talks that had centered on an offer of more than $50 billion for the payments company. The abandoned deal would have ranked among the largest leveraged buyouts on record. PayPal, based in San Jose, California, has been trying to revive growth after losing ground in digital payments to rivals including Apple and Alphabet. Its shares have climbed more than 40% this quarter, helped by takeover interest and stronger-than-expected second-quarter earnings, leaving the company with a market value of about $52.6 billion. Earlier this year, PayPal replaced CEO Alex Chriss with Enrique Lores, who took over in March and has been reshaping the company’s targets and reporting.