Shares of Australia’s Afterpay Ltd fell 5% in early trade on Thursday as the buy-now-pay-later giant closed its $29 billion deal with Twitter co-founder Jack Dorsey-led Square Inc. Delayed a shareholder meeting to vote on.
Afterpay said the country’s largest deal in history is still expected to be completed in the first quarter of 2022.
The planning meeting, which was scheduled for December 6, will be delayed until the new year, with US fintech firm Square expecting approval from the Bank of Spain by mid-January, said Afterpay https://cdn-api.markitdigital . com/epimon-gateway/asx/asx-research/1.0/files/2924-02461311-3A582701?access_token=83ff96335c2d45a094df02a206a39ff4.
Square on Wednesday changed its name to Block Inc., as it seeks to expand beyond its payments business and into new technologies such as blockchain.
Dorsey stepped down as Twitter’s chief executive officer earlier this week.
Shares of Afterpay fell 5.5% in early trade to their lowest level since July 30. Square closed down 6.6% on Wednesday.
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