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Square Acquires Afterpay for $29 Billion in All-stock Deal

Square Inc. said it reached a deal with Afterpay Ltd. to acquire the buy now, pay later company in an all-stock deal valued at $29 billion. Square said in a statement today that the acquisition “aims to enable the companies to better deliver compelling financial products and services that expand access to more consumers and drive incremental revenue for merchants of all sizes.” The company expects to close the deal in the first quarter of 2022. Jack Dorsey, cofounder and chief executive officer of Square, said in a statement that the two companies 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.” “Together, we can better connect our Cash App and Seller ecosystems to deliver even more compelling products and services for merchants and consumers, putting the power back in their hands,” Dorsey noted. Square said the deal is expected to accelerate the company’s “strategic priorities for its Seller and Cash App ecosystems. Square plans to integrate Afterpay into its existing Seller and Cash App business units, enable even the smallest of merchants to offer BNPL at checkout, give Afterpay consumers the ability to manage

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