PayPal is reportedly back in active discussions over a potential sale to Stripe and private-equity firm Advent, following an earlier offer it initially rejected. A deal would mark a major shift for the payments company as chief executive Enrique Lores pursues a turnaround amid weaker growth after its pandemic-era expansion.

The reported July bid was $60.50 per share, valuing PayPal at about $53 billion, and the Wall Street Journal says an agreement could emerge within weeks. Lores joined in March and has reorganised PayPal into three operating areas while planning cost reductions that could cut its workforce by 20% over two to three years; PayPal and Stripe declined to comment on the report.