Afterpay Says Acquisition by Block is Clear for Completion
11 Janeiro 2022 - 7:10PM
Dow Jones News
By Stuart Condie
SYDNEY--Block Inc.'s acquisition of Afterpay has cleared its
final regulatory hurdle and will be implemented on Feb. 1, the
Australian buy-now-pay-later provider said.
Afterpay on Wednesday said the Bank of Spain had approved the
transaction and that the Australian payment company's ASX-listed
shares would be suspended from trade at the close on Jan. 19.
The takeover valued Afterpay at about US$29 billion when it was
announced in August. Block's shares have lost more than 40% of
their value since prior to the acquisition announcement.
Block wants to use Afterpay, which charges merchants in exchange
for allowing consumers to pay for goods and services in four
interest-free installments, to tie its Cash App and seller
ecosystems more closely together.
"Afterpay, its leadership and team have shown that
groundbreaking fintech innovation built in Australia can reach
global proportions," Afterpay Chair Elana Rubin said.
Write to Stuart Condie at stuart.condie@wsj.com
(END) Dow Jones Newswires
January 11, 2022 16:55 ET (21:55 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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