Shopping convenience: The Afterpay app is seen on the screen of a mobile phone in a picture illustration. — Reuters
SAN FRANCISCO: Square Inc, the digital-payments platform led by Twitter Inc founder Jack Dorsey, agreed to buy Australian buy-now, pay-later company Afterpay Ltd for US$29bil (RM122.6bil) in its largest-ever acquisition.
The all-stock offer values Afterpay shares at A$126.21 (RM 391.12) each, 31% higher than Friday’s closing price of A$96.66 (RM299.50), the companies said in a statement. Still, that’s less than Afterpay’s February high of A$158.47 (RM491.05). The stock jumped as much as 29% to A$125 (RM387.34) at the open of Sydney trading yesterday.
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