LBO closes
No deal — buybacks
PayPal free cash flow funds either LBO debt service or standalone buybacks
FCF engine
~$6.6B TTM
balance sheet
cash ~$8.3B
net debt ~$2.1B
EV ~$53.8B
PE consortium
acquisition debt
coverage high
net debt ~$2.1B
LBO closes
deleveraging
EV ~$53.8B · ~7.8x EV/EBITDA
~$50B debt
equity small
buybacks
FCF funds repurchases
standalone re-rate
fundamentals
deal terms unconfirmed