August 02, 2021 | Technology | Australia | Ended
On 1-Aug-21, Square announced a $29bn all-stock deal to buy Australian rival Afterpay in a move that will see the US payment company expand further into the booming instalment loan market. Structured as a court-approved Australian scheme of arrangement, based on undisturbed prices the deal values Afterpay at AUD 126.21 per share ($93.02), thus implying a one-day premium of 30.6%. Square said it could elect to pay 1% of total consideration in cash. Post-deal, Afterpay shareholders are expected to own 18.5% of the combined company. Afterpay’s co-founders and co-CEOs are expected to join Square to lead Afterpay’s merchant and consumer businesses and Square will ...
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