Paypal exploring purchase of Pinterest: reports

PayPal is exploring purchasing social media company Pinterest, according to multiple reports. 

Bloomberg News, which first reported the discussions, stated that the companies discussed an acquisition at around $70 a share, valuing Pinterest at about $39 billion, the outlet reported.

Reuters later reported that PayPal made an offer to buy Pinterest for $45 billion. This would be a 26 percent premium to the social media company’s closing price on Tuesday, which was $55.58 per share.

Pinterest had no comment when reached by The Hill.

The Hill has reached out to PayPal for comment.

Pinterest’s stock gained 12 percent as of Wednesday afternoon amid Bloomberg’s report, according to CNBC. PayPal’s stock, on the other hand, declined over 6 percent. 

News of the acquisition comes a week after Pinterest announced that Evan Sharp, its co-founder and Chief Design & Creative Officer, will be transitioning to an advisory role for the company. Pinterest said last Thursday that Sharp is joining LoveFrom, a firm owned by designer Jony Ive.

The reports also come as PayPal increases its place in online shopping through a series of acquisitions. 

PayPal signed a $4 billion deal to buy online coupon finder Honey Science in 2019 and last month ironed out a $2.7 billon deal to buy Paidy, a Japanese buy-now-pay-later site, Reuters noted.