Square awaits the approval of Spain for the purchase of Afterpay

FILE PHOTO: A smartphone in front of an Afterpay logo shown in this illustration taken on August 2, 2021. REUTERS / Dado Ruvic / Illustration

Dec 2 (Reuters) – Afterpay Ltd to delay the shareholders’ meeting to approve Square Inc’s $ 29 billion purchase of Australia’s buy-now-pay-later leader as the Jack Dorsey-led payments company is awaiting regulatory approval in Spain.

The investor meeting was scheduled for December 6, but Afterpay said it would likely be held next year, as Square, which has been rebranded to Block Inc, likely won’t get approval from the Bank of Spain until mid-January. .

The delay is unlikely to affect the largest buyout by an Australian company, with a scheduled closure for the first quarter of 2022, Afterpay said.

Shares in Afterpay fell more than 6%, well below the overall Australian market, following Square’s 6.6% drop overnight in the US market on concerns about the omicron variant.

(Reporting by Nikhil Kurian, Sameer Manekar and Indranil Sarkar in Bengaluru; edited by Anil D’Silva, Rashmi Aich and Arun Koyyur, translated by José Muñoz in the Gdańsk newsroom)


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