PayPal Holdings (PYPL, Financials), the digital payments company that helped shape online commerce , has received a takeover proposal from Stripe and private equity firm Advent International that values the business at more than $53 billion, according to Reuters.
The joint offer, submitted earlier this month, values PayPal at $60.50 per share, about 28% above its latest closing price. Reuters reported that the proposal is backed by roughly $50 billion in committed bank financing.
The two companies reportedly approached PayPal once before in April and are now looking to move discussions forward. Sources told Reuters that Stripe and Advent would own the company equally if a deal is completed, rather than breaking it into separate businesses.
The timing comes as PayPal works to revive growth after several difficult years. Once valued at about $360 billion during the pandemic-era technology boom, the company has struggled with slower growth and stronger competition from rivals including Apple Pay and Google Pay.
Earlier this year, new CEO Enrique Lores reorganized PayPal into three business units and reshaped the leadership team in an effort to streamline operations and improve growth.
Neither Stripe nor PayPal has publicly commented on the reported proposal. Investors will now be watching to see whether formal negotiations begin or another bidder emerges.