Stripe and private equity firm Advent International have jointly offered to acquire PayPal in a deal valued at more than $53 billion, according to people familiar with the matter.

The offer values PayPal at $60.50 per share, representing a 28% premium over its previous closing price. The proposed acquisition is backed by around $50 billion in committed bank financing.

Sources said the bid was submitted earlier this month following an initial approach in April. PayPal has yet to respond, and there is no assurance the talks will result in a transaction.

Under the proposal, Stripe and Advent would each own a 50% stake in PayPal rather than splitting up the company.

If completed, the deal would combine two of the world’s largest online payment platforms, creating a payments giant processing roughly $3.7 trillion in annual payment volume. The merger would strengthen Stripe’s presence in consumer payments by adding PayPal’s more than 430 million customer accounts, Venmo, and its widely used online checkout network.

The acquisition would also expand Stripe’s ambitions in digital wallets, stablecoin payments and financial services while increasing its scale in merchant payments.

Following reports of the offer, PayPal shares surged nearly 17% in trading.

PayPal has been attempting to revive growth amid rising competition from rivals such as Apple Pay and Google Pay. The company recently reorganized its business and launched a broader turnaround strategy under its new chief executive.