Banking
Afterpay’s $29 billion buyout by Block set to close after Spain nod
Published by maria gbaf
Posted on January 12, 2022
1 min readLast updated: January 28, 2026
Global Banking & Finance Review®
Company
Published by maria gbaf
Posted on January 12, 2022
1 min readLast updated: January 28, 2026
Afterpay's $29 billion acquisition by Block Inc is set to close after receiving approval from the Bank of Spain, marking the largest Australian firm buyout.
(Reuters) – Australian buy now, pay later firm Afterpay Ltd said on Wednesday its $29 billion buyout by payments firm Block Inc, previously known as Square Inc, has received approval from the Bank of Spain, making the deal fully unconditional.
With this approval, the companies can now implement the deal, which would be Block’s biggest to date and the largest buyout ever of an Australian firm.
Afterpay said the deal is likely to close on Feb. 1. Its shareholders had in December overwhelmingly voted in support of the deal – 99.79% of the proxy votes were cast in favor. Block investors had approved the deal in early November.
Trading in Afterpay shares will be suspended on the Australian stock exchange on Jan. 19, the company said in a statement.
(Reporting by Sameer Manekar in Bengaluru; Editing by Arun Koyyur)
The article discusses Afterpay's $29 billion acquisition by Block Inc, which has received approval from the Bank of Spain.
The acquisition required approval from the Bank of Spain and support from Afterpay and Block investors.
The deal is expected to close on February 1, with Afterpay shares being suspended on January 19.
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