Payments services provider Square (NYSE: SQ) announced on Sunday night that it was acquiring Afterpay for approximately $29 billion in stock. The deal is an all-stock transaction, with Square acquiring all the issued shares of Afterpay, pending a court-approved “Scheme of Arrangement.”
A Scheme of Arrangement is a U.K. court mechanism under which U.S. companies can enter arrangements with shareholders and/or creditors. It is frequently used when a takeover happens.
Square stock was up more than...