Square to Buy ‘Pay Later’ Company Afterpay for $29 Billion

(Bloomberg) -- Square Inc. agreed to buy Australian payments company Afterpay Ltd. in a scrip deal valued at $29 billion.

The offer represents an implied transaction price of A$126.21 per Afterpay share, 31% higher than Friday’s closing price of A$96.66. Afterpay shareholders will receive 0.375 shares of Square common stock for each share of the Melbourne-based firm.

Afterpay’s board unanimously recommended the transaction to shareholders.

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