Stripe and Advent International bid more than $53 billion for PayPal, whose value has fallen sharply since 2021

Stripe and private equity firm Advent International submitted a joint offer to acquire PayPal Holdings for more than $53 billion earlier this month. The bid values the payments company at $60.50 per share and is backed by about $50 billion in committed bank financing, according to two people familiar with the matter.

PayPal shares rose 20 percent in premarket trading in New York after the report, marking the largest single-day gain for the stock since at least 2015.

The proposed price represents a roughly 28 percent premium to Tuesday's closing price. PayPal's market capitalization now stands at $36 billion. The company was valued at $360 billion in 2021, when its share price peaked at $308 in July.

Rumors of Stripe interest in PayPal first appeared in late February. New CEO Enrique Lores has focused on cost cuts and strategy simplification amid competition from services such as Apple Pay and Google Pay.