Square to buy Afterpay

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.” 

Read more here.