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FollowingStripe and Advent abandon approximately US$53 billion acquisition of PayPal
Stripe and Advent International have abandoned attempts to acquire PayPal, with a total transaction value of approximately US$53 billion. If the deal were reached, it would have been the largest fintech acquisition in history. Following the announcement, PayPal's share price fell sharply before the market opened on Friday.
Why did Stripe and Advent give up on acquiring PayPal?
Private payments company Stripe and private equity firm Advent had planned to acquire PayPal for $60.50 per share (total $53 billion). In April this year, Block joined as a third party, but withdrew before the official offer. PayPal's board of directors believed Stripe and Advent's offer was too low, even though it was a 28% premium to the stock price at the time. The two sides were deadlocked and the board refused to make a formal response to the deal, which was during which time the acquirer withdrew the offer.
Stripe's acquisition of its main competitor PayPal would have integrated merchant services, consumer wallets such as Venmo, cross-border money transfers and stablecoin products, making Stripe a giant in the payment space. Interestingly, just before the PayPal deal fell through, Stripe announced another major acquisition-agreeing to acquire AI model market OpenRouter for more than $8 billion.
Why did PayPal's share price fall?
PayPal shares closed at $61.47 on Thursday and fell about 14% to $52.77 in pre-market trading on Friday, a decline that once widened to 16%. Previously, PayPal's share price rose more than 40% in the most recent quarter, driven by acquisition expectations and better-than-expected second-quarter results. The current market value of PayPal is approximately US$52.6 billion. Although it has rebounded from approximately US$36 billion at the beginning of the year, it is far below the peak of approximately US$360 billion in 2021.
Founded in 1998 and headquartered in San Jose, PayPal has struggled over the past year to cope with slowing growth and withstand competitive pressure from Apple Pay and Google Pay. Enrique Lores, the new CEO who took office in March this year, split the company into three divisions, responsible for payment checkout, consumer financial services and Venmo, and payments and cryptocurrency. The company also laid off about 20% of its workforce to save $1.5 billion in expenses.
