Afterpay will get shareholder nod for Block Inc buyout; majority of proxy votes in favour of deal By Reuters


© Reuters. FILE PHOTO: This image, dated August 2, 2021, shows a woman with a smartphone in front of an Afterpay logo displayed. REUTERS / Dado Ruvic / Illustration

(Reuters) – Buy Now, Pay Later Afterpay Ltd said Tuesday that their $ 29 billion buyout through Block Inc, formerly known as Square, received overwhelming support from shareholders, with 99.79% of the voting proxies, that were given for the deal.

Afterpay delayed the vote earlier this month as payment company Block awaited regulatory approval from the Bank of Spain. While Block still hasn’t received approval, Afterpay said it has received court orders to hold a meeting to change the terms of the deal.

Bank of Spain approval must be in place by April 14th next year for the deal to close.

If the deal closes, it will be Block’s largest and largest buyout from an Australian company to date. Block’s investors have already approved the deal.

Twitter Inc (NYSE 🙂 Co-founder Jack Dorsey is set to focus on Block, which he also founded, after his resignation as CEO of the social media platform.

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