What Happened To Jack Dorsey

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The A$39 billion (US$29 billion) that Twitter founder Jack Dorsey’s digital payments company Square is paying to acquire Australian upstart payments outfit Afterpay is the biggest takeover deal in Australian corporate history.

It surpasses the A$32 billion European commercial real estate giant Unibail-Rodamco agreed to pay for Frank Lowy’s Westfield Corporation in 2017.

The deal marks an extraordinarily successful journey for Afterpay, a company founded in 2014 and listed on the Australian Stock Exchange in May 2016 at $1 a share.

At the close of last week, before this deal was announced, its share price was A$96.66, giving it a market capitalisation of about $27.5 billion.

Square, which at the end of last week had a market cap of about US$123 billion, may pay 1% of its buyout offer in cash, but the rest will be in stock, giving Afterpay shareholders 0.375 shares of Square for each Afterpay ordinary share.

The stock swap means the implied price Square is paying for Afterpay share is about A$126.21 — a premium of about 30.6% to its closing price last Friday.