Stripe and private equity firm Advent International are reportedly negotiating to buy PayPal, following an unsuccessful July offer. A deal could create one of the world’s largest online payments companies, but discussions may still fail and no agreement has been confirmed.

The reported July bid of $60.50 per share valued PayPal at $53 billion, compared with roughly $40 billion at the time and a much higher pandemic-era peak. Reuters previously reported that Stripe and Advent would own PayPal equally without breaking it up; together they could process about $3.7 trillion annually, while PayPal’s new chief executive Enrique Lores is pursuing a turnaround through separate checkout, Venmo, and payments-and-crypto units.