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US News AFTERPAY stock, Square paper is predominant: Square takes over afterpay for 29 billion dollars

16:04  02 august  2021
16:04  02 august  2021 Source:   finanzen.net

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With the acquisition of the Australian payment service provider Afterpay, the US payment service Square wants to expand its business to install installments.

PHILIPPE HUGUEN/AFP/Getty Images © Provided by finanzen.net Philippe Huguen / AFP / Getty Images

The deal with a value of equal to $ 29 billion (€ 24.4 billion) should be completed in the first quarter of the coming year, both companies shared on Monday In San Francisco and Melbourne with. Square wants to pay the purchase price completely in its own shares, but could also be one percent of the total value in cash. Thus, the afterpay purchase would be the largest of the company's history of the Californians.

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On Monday morning, after trading starts, the afterpay share jumped up to 125 Australian dollars at the beginning of the commodity, but in the end she then completed 18.77 percent higher with $ 114.80. But that still corresponds to a plus of just under a fifth to the closing course from Friday. For the SQUARE share, it was last reduced by 4.58 percent to $ 235.99 in the predominant trade.

Afterpay shareholders should receive 0,375 square shares for each share. Based on the Square closing price from Friday in the amount of $ 247.26, this corresponds after taking a price of more than 126.21 Australian dollars per afterpay share, which, according to both companies, corresponds to a surcharge of more than 30 percent.

The Californians want to become attractive by means of afterpay especially for younger customers who can not or do not want to provide credit card and still want to buy on pumping things. "Buy Now, Pay Later" (buy now, number later) Square users should bring away from the traditional credit card and installment payments. As long as customers pay the discounts on time, afterpay does not want to raise interest or fees according to own information.

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The management around Twitter boss and square founder Jack Dorsey wants to install the function in the company's cash app. By taking on the previous 70 million annual cash app users, a good 16 million afterpay customers are to be added, Square Financial Chef Amrita Ahuja said in an interview with the news agency Bloomberg. With the application, users can receive and send money so far, keep their finances in view as well as invest shares or bitcoins. In February, the company had taken place for headlines even in the investors of crypto currencies when it bought around 3318 Bitcoins for $ 170 million.

At the beginning of March, Square had already bought the music streaming service Tidal of Rapstars Jay-Z for $ 297 million. Dorsey justified the acquisition that it is about new ways, how musicians could earn money with their work. Square has created new opportunities for small dealers with his smartphone and tablet cash register system - and the experience could also be useful in the music industry. For example, the sale of fan articles could be integrated or additional revenue flows could be created.

/ NGU / KND / ZBSAN Francisco / Melbourne (DPA-AFX)

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