NEW YORK: Square will purchase buy now, pay later firm Afterpay Ltd for about US$29 billion in Australia's biggest-ever buyout, creating an online payments giant to tap into explosive growth in the niche payments sector.
"Square and Afterpay have a shared purpose ... Together, we can better connect our Cash App and Seller ecosystems to deliver even more compelling products and services for merchants and consumers," Square Chief Executive Jack Dorsey said. Afterpay shareholders will get 0.375 shares of Square class A stock for every share they own, implying a price of about A$126.21 per share based on Square's Friday close, the companies said.
Afterpay's board has unanimously recommended the deal to its shareholders, the company said in the joint statement.
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