Afterpay co-founder Nick Molnar says merging with Jack Dorsey’s Square will provide the scale and reach to allow Afterpay to take on the giants of the global payments industry, after he and co-founder Anthony Eisen snared the biggest M&A deal in Australia’s history.
Australia’s youngest ever billionaire said the $39 billion deal – which Afterpay’s board has recommended shareholders accept – will boost Afterpay’s growth in the United States, where it is facing tough competition from giant technology players, including PayPal and Apple.
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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
James Eyers writes on banking, finance, payments, regulation and emerging technologies. Based in Sydney, he is a former legal and investment banking editor at the AFR and has been a business journalist for more than 20 years. Email James at jeyers@afr.com.au
