Square, Inc. SQ shares are trading lower after the company reported Q2 earnings results and announced it plans to acquire Afterpay in an all-stock deal valued at approximately US$29 billion.
The company reported second-quarter earnings per share results of 66 cents which beat the 30 cent estimate and sales results of $4.68 billion which came below the estimate of $4.99 billion.
Afterpay shareholders will receive a fixed exchange ratio of 0.375 shares of Square Class A common stock for each Afterpay ordinary share they hold on the record date.
Square, Inc., together with its subsidiaries, creates tools that enables sellers to accept card payments; also provide reporting and analytics, and next-day settlement.
Square's stock was trading about 4.3% lower at $236.48 per share. The stock has a 52-week high of $283.19 and a 52-week low of $130.26.
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