PayPal may be looking to buy Pinterest in a deal that could be worth $45 billion, one of the company’s biggest acquisitions.
According to The Seattle Times, PayPal has offered Pinterest $70 per share, which represents a 25% premium over Pinterest’s stock price at Wednesday open.
The deal would be one of the biggest purchases of a consumer internet company in recent years. The acquisition would also be one of PayPal’s largest as the company continues to diversify its interests. PayPal has recently been moving into cryptocurrency, providing an easy way for customers to buy and trade crypto.
Like most social media platforms, Pinterest has experienced major growth during the pandemic. The platform could provide a new e-commerce opportunity for PayPal, potentially making it easier for Pinterest users to monetize their boards using PayPal’s service.
Neither company would confirm the rumors to The Seattle Times.