It’s all systems go for Square’s takeover of Australian buy now pay later company Afterpay, as shareholders approve the purchase.
The deal has already been approved by the US antitrust watchdog.
862 million Square shares voted in support of the A$39 billion stock-based acquisition, with just 746,000 against it. Square has filed this vote of confidence with the US Securities and Exchange Commission.
Afterpay now needs its shareholders to vote likewise, not likely to be an issue given the hefty payday promised.
“We are thrilled that shareholders have approved the merger and excited about the massive potential synergies from combining the two businesses,” said Mark Arnold, managing director of Hyperion Asset Management, which owns both Square and Afterpay.
“The combination increases the resilience of both businesses. We believe Afterpay will flourish within the Square ecosystem, as its gets access to its product development and its seller user base,” he said.
“Square’s listing on the ASX is a huge win for local investors and will provide easy access to a high quality, innovate technology business. We look forward to rolling our Afterpay position into Square.”
