ChainCatcher report, according to Bloomberg citing sources, a consortium led by private equity firm Advent and payment processor Stripe has decided to abandon its bid to acquire fintech pioneer PayPal Holdings Inc., a deal that could have become one of the largest leveraged buyouts in history. The group has now ceased pursuing the acquisition of PayPal, according to sources. Previously, sources had indicated that the consortium had made an offer exceeding $50 billion. The individuals involved requested anonymity as the information has not yet been made public.
Stripe and Advent abandon $50 billion bid for PayPal
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Summary
In a major crypto news update, a group led by Advent and Stripe has withdrawn its $50+ billion offer for PayPal. The deal, first reported by ChainCatcher, is no longer under consideration, according to Bloomberg. The decision follows shifting priorities in the payments and cryptocurrency sectors. No further bids are expected from the consortium.
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