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Square investors approve $29 billion buyout of Afterpay -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – Afterpay logo displayed in illustration, taken August 2, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

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(Reuters) – Square Inc (NYSE): Shareholders approved the issuance and transfer of shares to pay for Afterpay Ltd., an acquisition worth $29 billion by the U.S. Company. It brings Australia, as well as the biggest buyout in the buy-now, pay-later sector, one step closer.

Square is the payment company that purchased Square. Twitter Inc Jack Dorsey co-founder of (NYSE:) highlighted the rising popularity and growth in an industry that is challenging traditional consumer credit.

Afterpay stated that the court hearing was scheduled for later in Thursday and the transaction was most likely to be completed in the first quarter next year.

For each unit of stock held by the company, shareholders will receive 0.375 shares of Square Class A stock. This equates to a share price of A$126.21 at the time the August announcement was made.

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