Afterpay (ASX:APT) deal faces delays by Spanish bank

Company News

by Melissa Darmawan

The shareholders’ meeting for Afterpay (ASX:APT) slated for next week to seal the $39 billion takeover deal from US payments giant Square has been delayed. The date has been pushed back till the end of this year or early next year following regulatory approval from the Bank of Spain.

The buy-now pay-later giant has received the blessings from several regulators for the transaction except from the Bank of Spain at this point. The bank has a deadline earmarked for February 21 next year to provide its decision.

Both Afterpay and Square “are confident that the Bank of Spain condition will ultimately be satisfied”.

Shares in Afterpay (ASX:APT) are sinking 5 per cent lower at $101.18.

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