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.
Square Buys Afterpay in Scrip Deal at 31% Premium: M&A SnapshotBloomberg