Benzinga | Nov 4, 2021 07:34AM EDT

Square Shareholders Ratify $29B Acquisition Of BNPL Firm Afterpay

* Square Inc (NYSE:SQ) shareholders approved the issuance of new shares for the U.S. company's $29 billion purchase of Afterpay Ltd (OTC:AFTPF) (OTC:AFTPY).

* The Buy-Now, Pay-Later firm's shareholders will receive 0.375 of Square class A stock for each unit held, implying a price of A$126.21 per share when the companies announced the deal in August.

* The acquisition is likely to close in Q1 of 2022.

* Related Content: Square To Acquire Buy-Now, Pay-Later Firm Afterpay In $29B Stock Transaction

* Price Action: SQ shares traded higher by 0.87% at $254.67 in the premarket session on the last check Thursday.