Block, formerly known as Square, announced it would buy Afterpay for $39 billion.
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  • Payments firm Block receives key approval for its multibillion-dollar acquisition of Afterpay (APT) from the Bank of Spain
  • Formerly known as Square, Block has been given the green light in respect of the acquisition via scheme of arrangement by its indirect subsidiary Lanai
  • With the approval, the scheme is unconditional and will be implemented without the need for further approval
  • Afterpay’s chair Elana Rubin says the company is incredibly excited at the prospect of beginning the next phase with Block and looks forward to implementation of the scheme on February 1
  • APT shares are up 5.13 per cent to $77.28 at 10:36 AEDT.

Payments firm Block has secured a key approval for its multibillion-dollar acquisition of Afterpay (APT) from the Bank of Spain.

Formerly known as Square, Block has been given the green light for the acquisition by its indirect subsidiary Lanai (AU) 2 Pty Ltd.

Afterpay said the Bank of Spain approval means the acquisition via scheme of arrangement is now fully unconditional and will be implemented without the need for further shareholder or court approval.

The company’s chair Elana Rubin said the Afterpay team looked forward to the implementation of the scheme on February 1.

“Thank you to our shareholders, customers, merchants, broader stakeholders and regulators, for recognising the potential of this incredible company and for sharing in the vision of fairness and financial freedom for all,” she said.

According to documents released on August 2 last year, the transaction has an implied value of US$29 billion (A$39 billion) based on the closing price of Square common stock on July 30, 2021.

APT shares were trading 5.13 per cent higher at $77.28 at 10:36am AEDT.

APT by the numbers
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