PayPal Says It Is Not Pursuing Pinterest Acquisition

11 months ago 138

A Pinterest logo is seen connected  a smartphone placed implicit    U.S. dollar banknotes and a 3D printed PayPal logo successful  this illustration taken connected  Oct. 20, 2021. (Dado Ruvic/Illustration/Reuters)

A Pinterest logo is seen connected a smartphone placed implicit U.S. dollar banknotes and a 3D printed PayPal logo successful this illustration taken connected Oct. 20, 2021. (Dado Ruvic/Illustration/Reuters)

PayPal Inc. is not pursuing an acquisition of Pinterest Inc. astatine this time, the payments institution said precocious connected Sunday, responding to media reports that it was successful talks to bargain the integer pinboard tract for arsenic overmuch arsenic $45 billion.

PayPal shares roseate 6.2 percent to $255.20 successful premarket trading connected Monday, portion those of Pinterest fell astir 10 percent to $52.50.

Bloomberg News archetypal reported connected the companies’ talks past Wednesday that was aboriginal confirmed by Reuters. A root astatine that clip told Reuters that PayPal had offered $70 per share, mostly successful stock, for Pinterest.

However, sources had cautioned Reuters that nary woody was definite and that the presumption could change.

The Pinterest woody would person been the biggest acquisition of a societal media institution astatine the reported price, acold surpassing Microsoft Corp.’s $26.2 cardinal acquisition of LinkedIn successful 2016.

It would person besides allowed PayPal to seizure much e-commerce growth, arsenic much shoppers progressively bargain items they spot connected societal media, often pursuing “influencers” connected platforms specified arsenic Instagram, TikTok, and adjacent Pinterest.

PayPal, among the large pandemic winners, has done a fewer takeover deals this year, including its $2.7 cardinal acquisition of Japanese buy-now-pay-later steadfast Paidy.

It besides acquired Happy Returns, a institution that helps online shoppers instrumentality unwanted merchandise, for an undisclosed sum successful May to bolster its e-commerce offerings and physique connected its $4 cardinal acquisition of online coupon finder Honey Science successful 2019.

PayPal did not supply further details successful its statement. Both companies besides did not respond to requests for comment.

Pinterest is astatine a crossroads aft co-founder Evan Sharp announced earlier this period helium would measurement down arsenic main originative serviceman to articulation LoveFrom, a steadfast led by Jony Ive, the decorator of galore Apple Inc. products.

Reuters

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