Block Receives Bank of Spain Approval for Acquisition of Afterpay

Afterpay Limited (Afterpay) is pleased to announce that Block, Inc. (formerly known as Square, Inc.) has now received approval from the Bank of Spain in respect of the acquisition by Lanai (AU) 2 Pty Ltd, a wholly owned indirect subsidiary of Block, of Afterpay by way of scheme of arrangement.

Now that Bank of Spain approval has been received, the acquisition scheme is fully unconditional and will be implemented without the need for further shareholder or Court approval in accordance with the implementation timetable.

Commenting on the Scheme, Afterpay's Chair Elana Rubin said:“Afterpay, its leadership and team have shown that groundbreaking fintech innovation built in Australia can reach global proportions. The team are incredibly excited at the prospect of beginning an extraordinary next phase with Block, Inc. and look forward to implementation on 1 February 2022.”

"On behalf of the Board and management, thank you to our shareholders, customers, merchants, broader stakeholders and regulators, for recognising the potential of this incredible company and for sharing in the vision of fairness and financial freedom for all.”