PayPal says it’s not pursuing Pinterest acquisition

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FILE PHOTO: The Pinterest logo is displayed on a smartphone placed above a US dollar bill, and this figure taken on October 20, 2021 shows the 3D-printed PayPal logo. Reuters / Dado Ruvik / Illustration

October 25, 2021

(Reuters) – PayPal Inc. is not currently buying Pinterest Inc., the settlement company said late Sunday in response to media reports referring to buying a digital pinboard site for $45 billion.

Bloomberg News first reported the company’s talks last Wednesday, which was later confirmed by Reuters. Sources at the time told Reuters that PayPal provided Pinterest $70 per share (mainly in stock).

However, sources warned Reuters that the deal was uncertain and conditions could change.

At reported prices, the deal is the largest-ever acquisition of a social media company, surpassing the 2016 purchase of LinkedIn by Microsoft Corp. for $26.2 billion.

PayPal, whose interest on London depositors rose 5.2% by 0730 GMT on Monday following the announcement, did not provide additional details in its statement.

Neither company responded to a request for comment.

PayPal, one of the big pandemic winners, made several acquisitions this year, including a $2.7 billion acquisition of Japanese buy-now pay-later (BNPL) company Paydi.

It also acquired Happy Returns, a company that helps online shoppers return unwanted merchandise, in May for a private sum to increase its e-commerce service and bring online coupon finder HoneyScience to $4 billion in 2019. for. I bought it for dollars.

Co-founder Evan Sharp announced earlier this month that he would step down as chief creative officer and join Love From, a company led by multiple Apple Inc. product designers Jony Ive.

Since the announcement of news of the deal’s negotiations, PayPal’s US-listed shares have gained about 11.5% and Pinterest’s by about 4.5%.

(Reporting by Jubi Babu and Shubham Kalia in Bangalore, Additional reporting by Sachin Ravikumar, Edited by Anil D’Silva)

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