Square investors approve $29 billion buyout of Afterpay

FILE PHOTO: Afterpay logo is displayed in this illustration taken, August 2, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) - Square Inc shareholders have approved the issuance of new shares for the U.S. company's $29 billion purchase of Afterpay Ltd, bringing Australia and the buy now, pay later sector's largest buyout a step closer to fruition.

The purchase by Square, the payments firm of Twitter Inc co-founder Jack Dorsey, underlined the growing popularity of an industry that has upended traditional consumer credit.