Block secures Bank of Spain approval for acquisition of Afterpay
Afterpay Ltd (ASX:APT), a provider of “Buy Now, Pay Later” services, announces that Block, Inc. (NYSE:SQ), formerly known as Square, Inc, has now received approval from the Bank of Spain in respect of the acquisition by its subsidiary Lanai (AU) 2 Pty Ltd of Afterpay.
Now that Bank of Spain approval has been received, the acquisition’s scheme of arrangement is fully unconditional and will be implemented without the need for further shareholder or Court approval.
As FNG has reported, the Scheme became legally effective in December 2021.
Afterpay’s Chair Elana Rubin said:
“Afterpay, its leadership and team have shown that groundbreaking fintech innovation built in Australia can reach global proportions. The team are incredibly excited at the prospect of beginning an extraordinary next phase with Block, Inc. and look forward to implementation on 1 February 2022.
On behalf of the Board and management, 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”.