Paypal in 45 Billion Birr for Pinnest-Sources

October 20 (Reuters) – PayPal Holdings is considering buying a $ 45 billion digital pinboard site Pinterest Ink on Wednesday. E-commerce.

The stock price closed at $ 55.58 on Tuesday, representing a 26% premium.

PayPal plans to cover most of the purchase with funds, sources said.

The Payroll Outbreak was one of the biggest winners, as many people paid bills to avoid buying and leaving the service online. Growth over the past 12 months has increased market capitalization by about 36%.

PayPal shares fell nearly 3.5% on Wednesday, while Pinterest was up more than 10% at $ 61.55. Pinterest shares, which previously jumped more than 13%, have lost about 16% this year.

San Jose, California-based PayPal and Pinterest did not immediately respond to Reuters inquiries. The conversations were kept secret and the sources asked for anonymity.

The news of the deal comes less than a week after Pinnest co-founder Ivan Sharp announced plans to join LoveFrom, a company led by Johnny Eve, a designer of multi-faceted Apple (AAPL.O) products.

Sharp San Francisco, California-based online notebook and photo-sharing platform from Ben Silberman and CEO of the company. It was founded in 2012 by Paul Sicara. Read more

Over the past few years, PayPal has shown a growing desire to increase its footprint in online shopping, including a $ 4 billion deal to buy online coupon-seeking honey in 2019, a $ 2.7 billion deal to buy Japan now. -Payment-later (BNPL) company Paidy in September this year, and an agreement to buy a good return service provider in May.

Bloomberg News reported on Wednesday that talks had already begun between PayPal and Pinterest.

Report by Greg Rumeliotis in New York; Additional Report by Nur Zeinab Hussein Crystal Hu in Bengalguru and New York. Writing in Anribon Sen; Edited by Maju Samuel

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