Square makes $39 billion Afterpay takeover bid

Digital payments company Square (NYSE: SQ) has today announced plans to acquire Australian buy-now pay-later giant Afterpay (ASX: APT) for $39 billion, with the merger to create a global fintech giant.

The proposed acquisition by Twitter founder Jack Dorsey’s Square, which values Afterpay by $12 billion more than its market capitalisation as at 30 July 2021, is expected to be paid in all stock.

“Square and Afterpay have a shared purpose. 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,” Square co-founder and CEO Jack Dorsey said.

“Together, we can better connect our Cash App and Seller ecosystems to deliver even more compelling products and services from merchants and consumers, putting the power back in their hands.”

Square plans to integrate Afterpay into its existing business units, enabling even the smallest of merchants to offer BNPL at checkout.

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