The — Stripe and Advent International have made a joint offer to buy PayPal in a deal that was valued at $53.4 billion, according to published reports.

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CNBC confirmed the offer by the payment processing firm and the private equity company. They offered a $60.50 per share cash offer for PayPal. Stripe and Advent are contributing $17 billion in equity for the offer, the news outlet reported, citing an anonymous source.

The two companies would jointly own PayPal, Bloomberg reported.

Reuters was the first news outlet to report the deal.

The offer was submitted earlier this month and includes approximately $50 billion in committed bank financing, according to the news organization. They valued PayPal at a 28% premium to its closing share price on Tuesday.

The offer is backed by about $50 billion in committed financing from banks, Reuters reported.

PayPal shares have been trading at historic lows after reaching its COVID-19 era peak of more than $300 a share in 2021, The Wall Street Journal reported.

At its peak, PayPal had a market value of more than $280 billion, according to the newspaper. On Friday, PayPal was valued at approximately $42 billion.

PayPal’s board is expected to meet, perhaps as soon as July 20, to discuss the offer, CNBC reported.

It was unclear whether PayPal is receptive to the deal, according to the news outlet. The company is in the early stages of a turnaround under its newly appointed CEO, Enrique Lores.

Lores took over in March after PayPal issued a profit warning, The Wall Street Journal reported.

The company blamed its poor outlook on faltering growth from its key branded-checkout product, along with poor internal execution, according to the newspaper.

PayPal, Stripe, and Advent International have declined comment, CNBC reported.

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