Stripe Founders Launch $60 Billion Bid for PayPal
Irish billionaire brothers John and Patrick Collison, founders of Stripe, have partnered with private equity firm Advent International to make a substantial offer for the payment processing giant PayPal.
The brothers behind the financial technology company Stripe, John and Patrick Collison, have joined forces with U.S. private equity firm Advent International to launch a takeover bid for PayPal valued at approximately $60.50 per share, totaling around £40 billion (approximately $48 billion USD based on current exchange rates).
According to Reuters, the offer was made this month, following an initial approach in April. Stripe and Advent International have not yet received a response from PayPal and are reportedly seeking to advance discussions.
If successful, the proposal would see Stripe and Advent International jointly own PayPal, each holding an equal stake, rather than a breakup of the company. PayPal's shares saw a significant increase of 16.3 percent in New York following the news.
Stripe, co-founded by the Collison brothers in 2010, has become a major player in online payment processing, offering a suite of tools for businesses to accept payments online. This bid represents a significant move into acquiring a more established competitor in the digital payments landscape.