Digital payments company Square Inc. says it has agreed to acquire Afterpay, which offers buy now, pay later options for merchants, in an all-stock deal worth about $29 billion.
Square said on Sunday that it has agreed to buy all shares of the Australian company, and the estimated value of the transaction is based on last Friday’s closing price of Square Common Stock.
San Francisco-based Square, which processes credit card transactions via devices plugged into mobile devices such as tablets or smartphones, said it aims to broaden access to more consumers with the acquisition, which is due in the first quarter of 2022. expected to close.
The company plans to integrate Afterpay into its services, which will help merchants give customers the option to pay for goods later without relying on credit cards. Afterpay users will be able to manage their installment payments directly in Square’s Cash app.
“Together, we can better connect our Cash App and vendor ecosystem to deliver even more engaging products and services for merchants and consumers,” Square CEO Jack Dorsey said in a statement.
The company said that as of June 30, Afterpay was serving more than 16 million users and nearly 100,000 merchants, including major retailers.
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