The stakeholders of United States digital payment company and financial service provider Square Inc. (SQ) have approve the issuance of new shares for the $29 billion acquisition of fellow financial technology company Afterpay Ltd. (ASX: APT).
If this acquisition deal goes through, then it will go down as the largest ever buyout deal in the financial technology sector. Square is eyeing this deal to make an impact on the rapidly growing financial technology sector which has so far, completely revolutionized traditional consumer credit.
Afterpays says that the first court hearing on this acquisition deal will start on November 4 further adding that the deal is likely to be closed before the first quarter of next year is over. Back in August, Afterpay said that its shareholders will receive 0.375 of Square class A stock for each share held.