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Square to buy Australia's Afterpay in $29 billion deal as 'buy now, pay later' trend takes off

Square to buy Australia's Afterpay in $29 billion deal as 'buy now, pay later' trend takes off

8/2/2021 4:11:00 AM

Square to buy Australia's Afterpay in $29 billion deal as 'buy now, pay later' trend takes off

Jack Dorsey 's payment company announced a $29 billion, all-stock deal to buy Australia's Afterpay as the installment loan competition heats up.

's payments company announced the $29 billion, all-stock deal on Sunday evening. The price tag marks a roughly 30% premium to Afterpay's last closing price."Square and Afterpay have a shared purpose," said Square's CEO Dorsey in a statement. "We built our business to make the financial system more fair, accessible, and inclusive, and Afterpay has built a trusted brand aligned with those principles."

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Shares of Afterpay in Australia soared more than 23% Monday morning on the back of the news.Square pointed to consumers eschewing traditional credit, especially younger buyers. The San Francisco-based payments company already offers installment loans, which said it has been a "powerful growth tool" for Square's core seller business. It plans to integrate Afterpay into both its seller and Cash App ecosystems.

Afterpay lets customers pay in four interest-free installments and pay a fee if they miss an automated payment. Its 16 million customers will eventually be able to manage installment payments directly through Cash App. The deal is expected to close in the first quarter of 2022.

Read more: CNBC »

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Someone edumacate me about this buy now, pay later idea. Don't we already do this when we buy things with our credit cards? with a B 😁 Bitcoin Debt as a subscription. $SQ 246 LONG

Square to buy Australia's Afterpay in $29 bln all-stock dealU.S. fintech company Square Inc (SQ.N) said on Monday it had agreed to purchase Australian buy now/pay later giant Afterpay Ltd (APT.AX)in an all-stock deal worth about $29 billion. cc: Techmeme

Jack Dorsey's Square to buy Afterpay for $29 billion in stockBusiness Insider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know. Toxic. Of course they did.... And the Social Control just wants to know how Francisco Partners negotiated our services and products with DeptofDefense and other governments. It's amazing, the EmbaixadaEUA doesn't have an e-mail service to request information! Cc: jack PomerantzLLP 👉🏽PegasusProject

Square Agrees to Acquire Afterpay for $29 Billion in All-Stock DealSquare agreed to an all-stock deal worth around $29 billion to acquire installment-payment company Afterpay Nice! $ALPP August is the turn-around month for Alpine, expected amazing financial report along with uplist to NASDAQ and then announcement of new acquisitions - it's going to go parabolic. For a group focused on ALPP and similar cracking stocks - come join us; this is terrible news

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