Breakingviews - Afterpay’s $29 bln Square deal taps new reality
Square is paying a sky-high 42 times sales for the target’s financial year to the end of June, including the 30% premium to Friday’s closing price. And yet Dorsey is clearly keen to find new engines of growth, having delved into cryptocurrency and even buying Jay-Z’s music-streaming service Tidal. Afterpay makes decidedly more sense, considering Square can offer its 70 million customers something new and popular.
- The exchange ratio of 0.375 Class A Square shares for each Afterpay share implies a price of A$126.21 a share, a roughly 31% premium to where they were trading on July 30. Afterpay shareholders are expected to own about 18.5% of the combined company. - As part of the transaction, Square will establish a secondary listing on the Australian Securities Exchange.
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