Square payments company will buy back all the shares of Australian payments service Afterpay for its own shares for $29 billion. The deal is expected to close during the first quarter of 2022.
For each Afterpay share, shareholders will receive 0.375 Square shares. The premium will be 30%. Square will also re-list its shares on the Australian Stock Exchange.
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Afterpay allows its users to sell products in installments in Australia, the US, Canada and New Zealand. The service also operates in France, Italy, Spain and the UK under the name Clearpay.
After the deal closes, Square will integrate Afterpay into its Cash App payments application. Afterpay shares are up nearly 19% after the news broke.