A consortium comprising US investment firm Advent and payments company Stripe was reported to have abandoned its plans to acquire PayPal. It had offered approximately $50 billion (about ¥8 trillion), but the situation remains fluid and the outlook is unclear.
A consortium comprising US investment firm Advent and payments processor Stripe is reported to have called off its bid to acquire fintech giant PayPal Holdings. According to people familiar with the matter, the consortium had offered approximately $50 billion.
PayPal is known as a pioneer in digital payments, but it has reportedly lost market share to competitors including Apple and Alphabet, while its value has fallen sharply as its share price declined. Bloomberg had reported that the consortium was considering an acquisition amid a rise in PayPal's share price.
The Wall Street Journal reported this month that the consortium had concluded its initial offer was insufficient, and that the two sides were discussing the possibility of moving toward a deal at a higher price. The situation remains fluid, and people familiar with the matter said the consortium could make another bid.