Stripe and Advent Abandon Plan to Acquire PayPal for Over $50 Billion

BlockBeats News, August 28th, according to Bloomberg, a consortium composed of private equity firm Advent and payment processor Stripe has decided to abandon the acquisition of fintech pioneer PayPal Holdings Inc. This potential deal was expected to be one of the largest leveraged buyouts in history.

Sources familiar with the matter said the group is no longer pursuing the acquisition of PayPal. Earlier, sources had indicated that the consortium had made a bid of over $50 billion. The sources requested anonymity because the information is not yet public.