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Square to buy Afterpay for $29 billion as buy now, pay later booms

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Reuters

(Reuters) -Square Inc will buy Australia’s Afterpay Ltd for about $29 billion in an all-stock deal as the U.S. fintech firm looks to leverage burgeoning popularity of buy now, pay later (BNPL) credit options. The deal will create an online payments powerhouse and help accelerate Afterpay’s growth in the key United States market as well as globally, the companies said on Monday. Afterpay has been the bellwether of the niche online payments sector which burst into the mainstream last year as more people chose to pay in instalments for everyday items during the pandemic. “Square and Afterpay have…

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