Square investors approve $29 bln buyout of Afterpay

The logo for Square, Inc. is seen on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 3, 2021. REUTERS/Andrew KellyRegister now for FREE unlimited access to Reuters.com RegisterNov 4 (Reuters) - Square Inc (SQ.N) shareholders have approved the issuance of new shares for the U.S. company's $29 billion purchase of Afterpay Ltd (APT.AX), bringing Australia and the buy now, pay later sector's largest buyout a step closer to fruition. The purchase by Square, the payments firm of Twitter Inc (TWTR.N) co-founder Jack Dorsey, underlined the growing popularity of an industry that has upended traditional consumer credit. Its shareholders are set to receive 0.375 of Square class A stock for each unit held, implying a price of A$126.21 per share at the time of the announcement in August. Register now for FREE unlimited access to Reuters.com RegisterReporting by Nikhil Kurian Nainan in Bengaluru; Editing by Aditya SoniOur Standards: The Thomson Reuters Trust Principles.