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One of the largest fintech acquisitions ever attempted just fell apart. Stripe and private equity firm Advent International have withdrawn their joint bid to acquire PayPal, ending weeks of negotiations that began with an unsolicited offer north of $53 billion.
What the deal looked like
The consortium’s offer came in at $60.50 per share, representing roughly a 28% premium over PayPal’s recent trading price. The bid was backed by approximately $50 billion in bank financing, with JPMorgan and Morgan Stanley coordinating the debt package. Both Stripe and Advent were set to hold equal stakes in the combined entity, and the plan reportedly called for keeping PayPal’s existing structure intact rather than breaking it up for parts.
Block, the company formerly known as Square, was part of early discussions but exited before the formal offer materialized.
PayPal’s stock surged approximately 17% when news of the acquisition attempt first broke in July.
Why PayPal said no
PayPal’s directors concluded that the $60.50-per-share offer undervalued the company, particularly given its potential trajectory under CEO Enrique Lores, who stepped into the role in March 2026. PayPal has been navigating a rough stretch, including profit warnings earlier in 2026. The company has committed to cutting at least $1.5 billion in costs over a two-to-three-year period.
Negotiations didn’t die immediately after the board’s initial rejection. Talks continued into mid-August, with discussions around a potentially improved offer. But the consortium ultimately decided against sweetening the bid and pulled out entirely.
The bigger fintech picture
Stripe has long been viewed as the most likely consolidator in the payments space. The company, still privately held, processed approximately $1.9 trillion in payment volume in 2025. Adding PayPal’s consumer-facing network and merchant relationships would have created a payments company with reach across both sides of the transaction.
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