ICYMI: Square Inc said it has agreed to purchase 'buy now, pay later' pioneer Afterpay to create a global online payments giant
and others showing interest, said Christopher Brendler, an analyst with brokerage group D.A. Davidson.Shares in Square surged 11%, while those in peer Affirm Holdings IncAfterpay shareholders will get 0.375 of Square class A stock for every share they own, implying a price of A$126.21 per share based on Square's Friday close, the companies said. Afterpay shares closed at A$114.80, up 19%.
The Melbourne-based company has signed up millions of users in the United States in the past year, making it one of the fastest-growing markets for BNPL and spurring broad interest in the sector. Klarna was worth $46 billion in its last fundraising in June. Shares in Australian BNPL peers Zip Co Ltd"Not surprised those stocks are increasing on future consolidation speculations," D.A. Davidson's Brendler said. "Competition is heating up and they also have platforms that are very attractive."The Afterpay app is seen on the screen of a mobile phone in a picture illustration taken August 2, 2021.
The Australian Competition and Consumer Commission, which would need to approve the transaction, said it had been notified of the plan and "will consider it carefully once we see the details".
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