In short: The financial half of the bid. For Advent the attraction is "less about strategic fit and more about cash flow": a $53B price against ~$6.4B of adjusted FCF is roughly 8x, on a durable-but-unloved business with a cost structure that can still be cut. Off the public market PayPal could restructure without every layoff being judged against the next quarter, and the sponsors could later relist it, sell assets, or split the consumer and merchant businesses. (Analysis, not a stance call.)
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