After a month-long delay, the Bank of Spain provided its approval for Block, formerly known as Square, to buy Afterpay. It was the last condition required for the mega-deal to go through.

The official nod from Spain’s central bank was expected and Afterpay confirmed to the ASX on Wednesday morning the scheme of arrangement facilitating the deal will be formally implemented on February 1. Its stock rose almost 5 per cent to $77.00.