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Square to buy Australia’s Afterpay in $29 billion deal as ‘buy now, pay later’ trend takes off

CNBC

Square plans to buy Australian fintech company Afterpay as it looks to expand further into the booming installment loan market.

Jack Dorsey’s payments company announced the $29 billion, all-stock deal on Sunday evening. The price tag marks a roughly 30% premium to Afterpay’s last closing price.

“Square and Afterpay have a shared purpose,” said Square’s CEO Dorsey in a statement. “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.”

Shares of Afterpay in Australia surged on that news, and closed nearly 19% higher on Monday.

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