Square To Buy Afterpay In $29 Bln All-stock Deal

(RTTNews) - California-based e-payment portal Square Inc. (SQ) agreed to buy Australian "buy now, pay later" provider Afterpay in an all-stock deal worth about $29 billion.

Square expects to close the transaction in the first quarter of calendar year 2022.

According to Square, Afterpay's Co-Founders and Co-CEOs will join Square upon completion of the transaction and help lead Afterpay's respective merchant and consumer businesses, as part of Square's Seller and Cash App ecosystems.

Square said it will appoint one Afterpay director as a member of the Square Board following closing.