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Square to Buy Afterpay for $29 Billion to Tap Younger Users

  • Deal expands digital payments company into consumer lending
  • Square reports second-quarter revenue of $4.68 billion
Bloomberg business news
WATCH: Square Inc. has confirmed it has entered into a deal to acquire Australia-based Afterpay Ltd. Bloomberg’s Su Keenan reports. (Source: Bloomberg)
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Square Inc., the digital-payments platform led by Twitter Inc. founder Jack Dorsey, agreed to buy Australian buy-now, pay-later company Afterpay Ltd. for $29 billion in its largest-ever acquisition.

The all-stock offer values Afterpay shares at A$126.21 each, 31% higher than Friday’s closing price of A$96.66, the companies said in a statement. Still, that’s less than Afterpay’s February high of A$158.47. The stock jumped as much as 29% to A$125 in Sydney trading Monday.