Afterpay’s $29 Billion Acquisition by Square, Inc.

On August 1, 2021, Afterpay Limited and Square, Inc. announced that they have entered into a Scheme Implementation Deed under which Square has agreed to acquire all of the issued shares in Afterpay by way of a recommended court-approved Scheme of Arrangement. The transaction has an implied value of approximately $29 billion based on the closing price of Square common stock on July 30, 2021, and is expected to be paid in all stock. Cravath, together with Gilbert + Tobin, is representing Afterpay in connection with the transaction.

The Cravath team is led by partner Matthew M. Kelly and includes associates William F. Roegge, Richard E. Schwartz, Rachel L. Schlobohm, Temiloluwa A. Dele-Dare and Evan S. Gabor on corporate matters; partner Lauren Angelilli and associate Kyle R. Jorstad on tax matters; partner Matthew J. Bobby and associates Christopher C. Gonnella, Anna Mikaelyan and David Crampton on executive compensation and benefits matters; partner David J. Kappos and associate Carys J. Webb on intellectual property matters; partner Margaret T. Segall and practice area attorney Nicole M. Peles on antitrust matters; and senior attorney Joyce Law and practice area attorney Brian M. Budnick on real estate matters. Malikah I. Williams also worked on antitrust matters.