Block (NYSE:SQ) now expects to close its acquisition of Afterpay (OTCPK:AFTPY) on Jan. 31 (Pacific Time) after it received non-opposition confirmation from the Bank of Spain on the transaction.
Record date for the transaction will be 12:00 AM PT on Jan. 21. The Afterpay (OTCPK:AFTPY) stockholder meeting to vote on Dec. 6 had been delayed because by early December it still hadn't received the non-opposition from the Bank of Spain.
The transaction will make Block (SQ) a major player in the growing Buy Now, Pay Later space.
Block (SQ), which was then called Square, agreed in August to acquire Australia-based Afterpay (OTCPK:AFTPY) (OTCPK:AFTPF) for stock that was valued at US$29B at the time. Since then, Block's (SQ) stock has risen 2.7%.
Soon after the merger agreement, Square CFO Amrita Ahuja said Afterpay (OTCPK:AFTPY) is one of the few companies that could add to the company's growth at scale.
Recommended For You
Trending Analysis
Trending News
To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.