A consortium comprising private equity firm Advent International and payment processor Stripe has abandoned its attempt to acquire PayPal Holdings, halting talks on a potential takeover that could have ranked among the largest leveraged buyouts (LBOs), Bloomberg News reported on Thursday, citing sources familiar with the matter.
The group had previously offered more than $50 billion for PayPal, according to the report.
Interest in the deal emerged after PayPal’s stock plummeted, with Stripe considering acquiring either a portion of the company or the entire business.
Speculation regarding a takeover, combined with better-than-expected second-quarter results, has since helped drive PayPal’s shares up by more than 40% this quarter, giving the company a market valuation of approximately $52.6 billion, Bloomberg reported.
In March, PayPal appointed Alex Chriss as CEO, replacing Enrique Lores, as the digital payments pioneer seeks to reignite growth and modernize its business amidst competition from Apple and Alphabet.
The consortium could potentially return with a different offer if circumstances change, Bloomberg stated.
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