The deal will create an online payments powerhouse and help accelerate Afterpay's growth in the key United States market as well as globally, the companies said on Monday.
Square Inc will purchase buy now, pay later (BNPL) firm Afterpay Ltd for about $29 billion in Australia's biggest-ever buyout, creating an online payments giant to tap into explosive growth in the niche payments sector.
Afterpay has been the bellwether of the niche online payments sector which burst into the mainstream last year as more people, especially youngsters, chose to pay in instalments for everyday items during the pandemic.
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