PayPal says it is not pursuing deal to acquire Pinterest

Responding to media reports that it is in talks to acquire Pinterest for $45 billion, PayPal said on Sunday it is not currently seeking to acquire the social media company.

Last week, Bloomberg reported that PayPal had approached Pinterest about a potential deal and had offered $70 per share, valuing Pinterest at about $45 billion for the entire company, including its Class B shares.

“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 Monday.

An acquisition of Pinterest would have boosted PayPal’s ambitions to become the next global super app. This would also be PayPal’s biggest deal if the possible purchase had materialized. 

Joining Google, Tencent and Facebook, PayPal invested in Gojek, a 5-year Indonesian venture, in June last year. In September, the company announced that it has agreed to acquire Japanese buy now, pay later (BNPL) provider Paidy in a $2.7 billion (¥300bn) deal which will be paid mostly in cash. 

Pinterest, on the other hand, continues to invest in the ecommerce vertical with new features, tools, and collaborations. In early October, the company added new advertising features for brands to promote their products. Last week, during its second annual Pinterest Creators Festival, it also announced the launch of a new suite of creator and Pinner products for engagement and monetization.