Stripe and Advent International launched a joint $53bn bid for PayPal, aiming to combine Stripe's tech platform with PayPal's 400mn+ users and Venmo. The bid addresses PayPal's market share loss to Apple Pay and Google Pay at online checkouts. PayPal's new CEO Enrique Lores is pursuing a turnaround, and the company hasn't engaged with the offer yet.

In defence tech, Helsing raised $1.8bn at an $18bn valuation (32x 2026 revenue), making it Europe's most valuable defence startup. Investors debate whether this reflects "peak hype" given higher multiples than US peers like Anduril (13x) and Quantum Systems (8.5x).

Uber is nearing a €12.5bn+ acquisition of Delivery Hero at €41/share, the sector's largest M&A deal. Uber built a stake via derivatives and acquired shares from Prosus and activist Aspex Management to secure control.

Notable hires include Moelis, Citi, Simpson Thacher, and Bank of America adding senior bankers. Smart reads cover California wealth tax audits, streaming strategy, and VAR lessons for AI.