Scheme of Afterpay’s acquisition by Block Inc now legally effective

Afterpay Ltd (ASX:APT), a provider of “Buy Now, Pay Later” services, announces that the scheme of arrangement for its acquisition by Block Inc, formerly known as Square Inc, has become legally effective.

Afterpay has lodged with the Australian Securities and Investments Commission (ASIC) the orders made by the Supreme Court of New South Wales approving the acquisition by Lanai (AU) 2 Pty Ltd, a wholly owned indirect subsidiary of Block, of Afterpay by way of scheme of arrangement.

As a result, the Scheme is now legally effective.

As FNG has reported, all the regulatory conditions, including FIRB, OIO, Spanish FDI and ATO have been satisfied, with the exception of the Bank of Spain condition.

If the Bank of Spain condition is satisfied, Afterpay Shareholders who sell their Afterpay Shares after the date of announcement of receipt of Bank of Spain approval and satisfaction of the Condition Subsequent and prior to the Record Date should be aware that they will not receive the Scheme Consideration on the Implementation Date.

Investors who acquire Afterpay Shares after the Bank of Spain Announcement date should be aware that all Afterpay Shareholders who hold Afterpay Shares on the Record Date (other than Ineligible Foreign Shareholders) will be provided with the Scheme Consideration in exchange for their Afterpay Shares.

The exchange ratio is fixed and holders of Afterpay Shares on the Record Date (other than Ineligible Foreign Shareholders) will receive 0.375 New Square Shares or 0.375 New Square CDIs. Square Class A Shares will continue to trade on NYSE between the Bank of Spain Announcement date and the Record Date.

Afterpay still anticipates that implementation will occur in Q1 CY22.

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