Stripe bids US$53B for PayPal with Advent

• Stripe and Advent have offered more than US$53 billion to buy PayPal.
• The proposal values PayPal at US$60.50 per share, a 28% premium.
• The deal would create one of the world's largest online payments companies if completed.

Stripe and Advent International have offered to buy PayPal for more than US$53 billion, offering US$60.50 per share in a proposed takeover.

The offer represents a 28% premium to PayPal's closing share price before the bid became public and is backed by about US$50 billion in committed bank financing.

Sources said the proposal was submitted earlier this month after an initial approach in April, and PayPal has not yet responded.

If completed, Stripe and Advent would each own half of PayPal, and the companies do not plan to split up the business.

PayPal serves about 430 million customer accounts and owns Venmo, while Stripe mainly provides payment services for online businesses.

The combined business would process about US$3.7 trillion in annual payments, making it one of the world's largest online payments companies.