Afterpay offers a “buy now, pay later” credit option that allows users to purchase a product immediately and then pay for it later in four equal payments, an option that became increasingly popular during the pandemic.
The sale will see Square adopt that option while Afterpay will gain a bigger foothold in the U.S. market. Shareholders for Afterpay will hold an 18.5% share in the new company and will get 0.375 shares of Square class A stock for every share they own.
Square closed on Friday at a price of $247.26/share and recently reported $4.68 billion in revenue for Q2 of 2021, way up from the $1.92 billion for the same quarter last year. “Square and Afterpay have a shared purpose.
Read more on thewrap.com
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