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    APT   AU000000APT1

AFTERPAY

(APT)
Delayed Australian Stock Exchange  -  01/19 12:10:49 am EST
66.47 AUD   -2.18%
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02/24Jack Dorsey's Block beats profit estimates, Australian shares soar
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02/16AFTERPAY : Clearpay Enters the Travel Sector with National Express Partnership, Bringing Flexible Spending to Travellers
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Afterpay delays vote on $29 bln buyout as Square awaits Spain's nod

12/01/2021 | 07:12pm EDT

Dec 2 (Reuters) - Afterpay Ltd will delay a shareholder meet to approve Square Inc's $29-billion buyout of the Australian buy now, pay later leader, as the Jack Dorsey-led payment company awaits regulatory nod in Spain.

The investor meet was set for Dec. 6, but Afterpay said it would likely take place next year as Square, which has rebranded itself to Block Inc https://www.reuters.com/technology/dorsey-led-square-rebrands-block-2021-12-01, is likely to get an approval from the Bank of Spain only in mid-January.

The delay is unlikely to impact the completion of Australia's biggest deal https://www.reuters.com/technology/square-buy-australias-afterpay-29-billion-2021-08-01, which is set for the first quarter of 2022, Afterpay said.

"We continue to believe the risks of the transaction closing are minimal," RBC Capital Markets analyst Chami Ratnapala said in a brief client note.

Meanwhile, Twitter Inc co-founder Dorsey is expected to focus on Square after stepping down as chief executive of the social media platform as it looks to expand beyond its payment business and into new technologies like blockchain.

Afterpay shares fell more than 6%, far underperforming the broader Australian market, tracking Square's 6.6% drop overnight in U.S. market on worries over the Omicron variant.

(Reporting by Nikhil Kurian, Sameer Manekar and Indranil Sarkar in Bengaluru; Editing by Anil D'Silva, Rashmi Aich and Arun Koyyur)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AFTERPAY -2.18% 66.47 End-of-day quote.-19.93%
BLOCK, INC. 8.29% 88.7 Delayed Quote.-49.19%
TWITTER, INC. 2.99% 37.89 Delayed Quote.-14.74%
All news about AFTERPAY
02/28AUSTRALIAN IPO REVIEW 2021 : Pre–IPO Capital Raises
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02/24Jack Dorsey's Block beats profit estimates, Australian shares soar
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02/02Afterpay Removed from Australian Bourse's Official List
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02/02NEW KID ON THE BLOCK Dorsey's Block snaps up buy now pay later giant Clearpay
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02/01Tech Stocks Edge Higher Premarket Tuesday
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01/31Block Completes Afterpay Acquisition; Square Offers US, Australia Merchants Buy Now Pay..
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01/31AFTERPAY : Final Director's Interest Notice x6
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01/31Afterpay Limited Announces Board Changes
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Financials
Sales 2021 836 M 590 M 590 M
Net income 2021 -156 M -110 M -110 M
Net Debt 2021 147 M 104 M 104 M
P/E ratio 2021 -215x
Yield 2021 -
Capitalization 19 966 M 14 104 M 14 093 M
EV / Sales 2020 34,0x
EV / Sales 2021 41,1x
Nbr of Employees 1 300
Free-Float -
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Income Statement Evolution
Managers and Directors
Anthony Mathew Eisen Co-CEO, Executive Director & Managing Director
Nicholas David Molnar Co-CEO, Executive Director & Managing Director
Rebecca Lynne Lowde Chief Financial Officer
Elana Rubin Independent Chairman
Dana Stalder Independent Non-Executive Director