JACK DORSI'S SQUARE BUY FINTECH COMPANY FROM AUSTRALIA FOR $ 29 BILLION IN SHARES




Payments company Square of Twitter founder Jack Dorsey announced the buyout of Australian online installment operator overtops in exchange for its own shares worth $ 29 billion. The deal could be a record in Australian history

Jack Dorsey payment company Square and Australian online installment plan After pay have agreed on a $29 billion share swap deal. Square plans to close the deal in the first quarter of 2022, the company founded by the Twitter CEO said in a statement.

 

“Square and Afterpay have a common goal. We have built our business to make the financial system fairer, more accessible, and inclusive, and Afterpay has built a reliable brand that lives up to these principles, ” Dorsey said in the message. Together, he noted, the companies will be able to "better connect our POS app and the merchant ecosystems." This will provide retailers and consumers with "even more compelling products and services, putting power back in their hands."

 

Square has agreed with Afterpay to buy back all shares - the shareholders of the Australian operator will receive 0.375 Square shares for one share of Afterpay. The premium was 30% based on the closing price of both companies. Square will also conduct a secondary public offering on the Australian Stock Exchange (ASX). Afterpay shares in Australia soared over 23% on Monday morning amid news of the deal, CNBC reported. The deal could be the largest in Australian history, Bloomberg notes.

 

Square is targeting consumers avoiding traditional lending, especially younger shoppers. The San Francisco-based payments company already offers installment loans, which it says are a "powerful growth tool" for the payment company's core merchant business. After pay allows customers to pay four interest-free payments for an item and only pay a commission if they miss the automatic payment.

 

Square also announced its second-quarter results on Sunday. The company's gross profit rose 91% year-over-year, a record quarterly growth rate for the company. Cash App profits jumped 94% while sales jumped 85% over 2020. Net revenue excluding bitcoin was $ 1.96 billion for the quarter, up 87% from last year.

 

 

 

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