- Pinterest Inc. said it isn t pursuing an acquisition of PayPal Holdings Inc. ending days of speculation over a potential $45 billion deal.
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San Jose, California-based PayPal approached Pinterest about a potential deal, Bloomberg News reported last week. The companies discussed a potential price of around $70 a share, people with knowledge of the matter said, a price that would have valued Pinterest at about $45 billion.
In response to market rumors regarding a potential acquisition of Pinterest by PayPal, PayPal stated that it is not pursuing an acquisition of Pinterest at this time, the company said in a one-sentence statement on Monday.
An acquisition of Pinterest, a global search and scrapbooking platform, would have boosted PayPal's ambitions to become the next visual super app. The company was founded in 1998 by a group that included Peter Thiel and Elon Musk to help consumers pay for things online at a time when many were still relying on paper checks or cash to conduct e-commerce.
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