Square to buy Australia's Afterpay for $29 billion
Afterpay shareholders will get 0.375 shares of Square class A stock for every share they own, implying a price of about A$126.21 per share based on Square's Friday close, the companies said in a joint statement.
The offer price is a more than 30% premium to Afterpay's last close and the Australian firm's shareholders are expected to own about 18.5% of the combined company.Sign up for our newsletter Subscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
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