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International Business Times UK
International Business Times UK
Niloy Chakrabarti

Why Is PayPal Stock Surging? Stripe's $53 Billion Buyout Offer Marks a Major Shift in Fintech

PayPal stock has declined by over 30% in the past year. (Credit: AFP News)

PayPal shares soared over 21% in premarket trading on Wednesday after reports emerged that privately held fintech giant Stripe and private equity firm Advent International made a $53 billion acquisition offer for the digital payments company.

The bid of $60.50 per share represents about a 28% premium to PayPal's Tuesday closing price and is backed by nearly $50 billion in committed financing from banks.

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