PayPal is reportedly in continuing discussions with Stripe and private equity firm Advent over a potential sale that could value the fintech company at $53 billion.
The Wall Street Journal reported in July that Stripe and Advent had offered $60.50 per share for PayPal. The companies could reach an agreement in the coming weeks, according to a new report by the publication, which cited unnamed sources.
PayPal declined to comment, while a Stripe spokesperson said the company does not comment on rumours or speculation.
The reported discussions come as PayPal chief executive Enrique Lores pursues a turnaround plan for the company.
Lores joined PayPal in March after spending years at HP. In April, he began restructuring the business through an executive reshuffle and the creation of three operating models: checkout solutions and PayPal; consumer financial services and Venmo; and payment services and crypto.
A month later, Lores told investors that the company would focus on its fundamentals, including becoming a technology company again.
PayPal’s turnaround plan is also expected to include cost reductions that could cut its workforce by 20% over the next two to three years.
Founded in 1998, PayPal expanded significantly during the pandemic-era e-commerce boom but has faced challenges in recent years.
