Square shareholders OK acquisition of Afterpay

Shareholders of Square Inc. approved the company's proposed acquisition of Australian buy-now, pay-later platform Afterpay Ltd.

In a Nov. 3 special meeting, Square shareholders approved the issuance of shares of the company's class A common stock to Afterpay shareholders pursuant to a scheme of arrangement between Afterpay and its shareholders and a deed poll to be executed by Square and its unit Lanai (AU) 2 Pty Ltd., through which the company is indirectly purchasing Afterpay.

The all-stock transaction, valued at about $29 billion when it was announced in August, is expected to close in the first quarter of 2022.