Stripe and Advent abandon plan to acquire PayPal for over $50 billion

According to Bloomberg, citing informed sources, a consortium formed by private equity firm Advent and payment processor Stripe has decided to abandon its acquisition of fintech pioneer PayPal Holdings Inc. This potential deal could have become one of the largest leveraged buyouts in history.

Informed sources said that the group is no longer pursuing the acquisition of PayPal. Previously, insiders had indicated that the consortium had made an offer of over $50 billion. Relevant individuals requested anonymity as the information has not been made public.