Stripe and Advent reportedly offered to buy PayPal for around $53.4B

Stripe and private equity firm Advent International have reportedly submitted a joint bid to acquire PayPal in a deal valued at approximately $53.4 billion.

Reuters reports that the offer was submitted earlier this month and is backed by roughly $50 billion in committed bank financing.

Under the proposal, Stripe and Advent would jointly own PayPal, with each holding an equal stake.

This isn’t the first time Stripe has been linked with a potential acquisition of the payments giant. Earlier reports in February suggested the company had been exploring a possible takeover and was engaged in preliminary discussions, although no formal proposal emerged at the time.