Payments giant Square is set to acquire Australian buy now, pay later business Afterpay.
In Brief:
This will be in a $29bn, all-stock deal.
This is around a 30% premium on Afterpay’s last closing price, says CNBC.
Jack Dorsey, Square CEO, says the firms “have a shared purpose”.
What does this mean?
Dorsey commented: “We built our business to make the financial system more fair, accessible and inclusive, and Afterpay has built a trusted brand aligned with those principles.”
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