Asharq Al-awsat English Middle-east and International News and Opinion from Asharq Al-awsat Newspaper

PayPal in Talks to Buy Pinterest

PayPal in Talks to Buy Pinterest

Wednesday, 20 October, 2021 - 17:00
Screens display the company logo for Pinterest Inc. during the company's IPO on the front of the New York Stock Exchange (NYSE) in New York, US, April 18, 2019. (Reuters)

Payments giant PayPal Holdings Inc is in talks to buy digital pinboard site Pinterest Inc, according to a person directly familiar with the matter.

The companies have discussed a potential price of $70 per share, which would value Pinterest at around $39 billion, according to Bloomberg News. The price would represent a 26% premium to Pinterest's closing price of $55.58 on Tuesday.

PayPal and Pinterest did not immediately respond to Reuters' requests for comment. The source requested anonymity as the discussions are confidential.

PayPal's shares were down about 3.5%, while Pinterest's shares were up over 10% at $61.55.

News of the potential deal comes less than a week after Pinterest co-founder Evan Sharp announced plans to leave the company to join LoveFrom, a firm led by Jony Ive, the designer of many iconic Apple products.

Sharp founded the online scrapbook and photo-sharing platform along with Ben Silbermann, who is the company's chief executive officer, and Paul Sciarra, who left in 2012.

Editor Picks