Payments company Square has just announced it is buying the Australian installment plan service Afterpay for $29 billion, the company has reported on Twitter.
Today, we announced our plans to acquire @afterpay_au to advance our shared mission of economic empowerment. Together, we’re aiming to build financial products that are inclusive for all.
According to sources, the deal is scheduled to close in the first quarter of next year.
For each Afterpay share, shareholders will receive 0.375 Square shares. The premium will be 30%. Square will also re-list its shares on the Australian Stock Exchange.
Afterpay is a service that allows users to sell products in installments in Australia, USA, Canada and New Zealand. In addition, the company also operates in France, Italy, Spain and the UK under the name Clearpay.
Square is integrating the service into its Cash App application.
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