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Here's Why Square Stock Soared Today

TheMotleyFool

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Shares of Square (NYSE: SQ) jumped 10% on Monday, after the fintech giant struck a deal to acquire Australian installment payments leader Afterpay (OTC: AFTP.F).

Afterpay is a leading provider of "buy now, pay later" services used by over 16 million consumers and nearly 100,000 merchants worldwide. The deal values Afterpay at about $29 billion, a roughly 30% premium to its closing price on Friday.

Square and Afterpay want to join forces. Image source: Getty Images.

Source Fool.com

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