U.S. fintech company Square Inc said on Monday it had agreed to purchase Australian buy now/pay later giant Afterpay Ltd in an all-stock deal worth about $29 billion. 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 in a joint statement. The offer price is a more than 30% premium to Afterpay's last close and the Australian firm's shareholders are expected to own about 18.5% of the combined company. Read More...
(Adds details on deal price)
Aug 2 (Reuters) – U.S. fintech company Square Inc said on Monday it had agreed to purchase Australian buy now/pay later giant Afterpay Ltd in an all-stock deal worth about $29 billion.
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 in a joint statement.
The offer price is a more than 30% premium to Afterpay’s last close and the Australian firm’s shareholders are expected to own about 18.5% of the combined company. (Reporting by Shashwat Awasthi Editing by Chris Reese)
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