Square acquires Australia’s Afterpay in a $29 billion all-stock transaction Reuters


© Reuters. File photo: On July 9, 2020, the logo of the Afterpay company can be seen in a shop window in Sydney, Australia. REUTERS/Stephen Coates

(Reuters)-American financial technology company Plaza Company (New York Stock Exchange ticker:) said on Monday that it has agreed to acquire Australian buy-and-pay giant Afterpay Ltd in an all-stock transaction valued at approximately US$29 billion.

The two companies said in a joint statement that Afterpay shareholders will receive 0.375 Square A shares for each share held, which means that the price per share is approximately A$126.21 based on Square’s closing price on Friday.

The purchase price is more than 30% premium to Afterpay’s last closing price. It is expected that shareholders of this Australian company will own approximately 18.5% of the combined company.

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