Big Law
The Digital Payment Company Square Acquires Afterpay for $29 Billion
Digital payments company Square Inc. says it has agreed to acquire Afterpay, which provides a “buy now, pay later’’ option for merchants, in an all-stock deal valued at about $29 billion.
Square allows retailers to process credit card transactions using devices that plug into tablets or smartphones. The San Francisco-based company said Sunday it plans to integrate Afterpay into its services, enabling merchants to offer customers the option to pay for goods later without relying on a credit card. Afterpay users would be able to manage their installment payments directly in Square’s cash app.
“Square and Afterpay have a shared purpose,” Square CEO Jack Dorsey said in a statement.
