Banking
Afterpay Delays Vote on $29 Billion Buyout as Square Awaits Spain’s Nod
Published by maria gbaf
Posted on December 2, 2021
2 min readLast updated: January 28, 2026
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Published by maria gbaf
Posted on December 2, 2021
2 min readLast updated: January 28, 2026
Add as preferred source on GoogleAfterpay delays its shareholder vote on Block's $29 billion buyout, awaiting Spain's regulatory approval. The deal is expected to close in Q1 2022.
(Reuters) – Afterpay Ltd will delay a shareholder meet to approve Square Inc’s $29-billion buyout of the Australian buy now, pay later leader, as the Jack Dorsey-led payment company awaits regulatory nod in Spain.
The investor meet was set for Dec. 6, but Afterpay said it would likely take place next year as Square, which has rebranded itself to Block Inc, is likely to get an approval from the Bank of Spain only in mid-January.
The delay is unlikely to impact the completion of Australia’s biggest deal, which is set for the first quarter of 2022, Afterpay said.
“We continue to believe the risks of the transaction closing are minimal,” RBC Capital Markets analyst Chami Ratnapala said in a brief client note.
Meanwhile, Twitter Inc co-founder Dorsey is expected to focus on Square after stepping down as chief executive of the social media platform as it looks to expand beyond its payment business and into new technologies like blockchain.
Afterpay shares fell more than 6%, far underperforming the broader Australian market, tracking Square’s 6.6% drop overnight in U.S. market on worries over the Omicron variant.
(Reporting by Nikhil Kurian, Sameer Manekar and Indranil Sarkar in Bengaluru; Editing by Anil D’Silva, Rashmi Aich and Arun Koyyur)
The main topic is Afterpay delaying its shareholder vote on Block's $29 billion buyout due to pending regulatory approval in Spain.
The buyout is delayed as Block Inc awaits regulatory approval from the Bank of Spain, expected by mid-January.
The delay is not expected to impact the deal's completion, which is anticipated in the first quarter of 2022.
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