Economy
PayPal in Advanced Acquisition Talks with Stripe and Advent
techcrunch1h
THE BRIEF
1
PayPal is in advanced negotiations for a potential $53 billion acquisition by Stripe and private equity firm Advent, following an initial offer of $60.50 per share in July.
2
CEO Enrique Lores is pursuing a turnaround plan that includes splitting the company into three operating models and reducing the workforce by 20% over the next two to three years.
3
The company, founded in 1998, has struggled to maintain its pandemic-era growth levels, prompting the current search for a strategic buyer to stabilize its financial trajectory.