M&A Deal Summary

Block Acquires Afterpay

On August 1, 2021, Block acquired financial services company Afterpay for 39.0B AUD

Acquisition Highlights
  • This is Block’s 1st transaction in the Financial Services sector.
  • This is Block’s largest (disclosed) transaction.
  • This is Block’s 1st transaction in Australia.

M&A Deal Summary
Date 2021-08-01
Target Afterpay
Sector Financial Services
Buyer(s) Block
Deal Type Add-on Acquisition
Deal Value 39.0B AUD
Advisor(s) Qatalyst Partners
Goldman Sachs (Financial)
Gilbert + Tobin
Cravath, Swaine & Moore (Legal)

Target

Afterpay

Melbourne, Australia
Afterpay is a financial services company that allows customers to receive products immediately and pay for their purchases over four installments, always interest-free. The service is completely free for customers who pay on time - helping people spend responsibly without incurring interest, fees or revolving debt. Afterpay is available in Australia, United States, Canada, New Zealand, and in the United Kingdom, France, Italy and Spain, where it is known as Clearpay.

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Buyer(S) 1

Buyer

Block

San Francisco, California, United States
Category Company
Founded 2009
Sector Financial Services
Employees12,400
Revenue 21.9B USD (2023)
DESCRIPTION

Block is a financial services and mobile payments company that provides a range of services to help businesses manage their payments, including hardware and software solutions for point-of-sale transactions, online payments, and invoicing. The Company's flagship product is the Square Reader, a small device that attaches to smartphones or tablets to enable credit and debit card payments. Block was formed in 2009 and is based in San Francisco, California.

DEAL STATS #
Overall 15 of 17
Sector (Financial Services) 1 of 1
Type (Add-on Acquisition) 14 of 16
Country (Australia) 1 of 1
Year (2021) 3 of 3
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-14 Crew

San Francisco, California, United States

Crew is a frontline employee app that helps companies streamline communication, scheduling, recognition, and more across distributed teams. Crew provides employees and leaders a simple and secure digital workplace to access the information, motivation, and people they need to do exceptional work together. Crew was founded in 2015 and is based in San Francisco, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-05-18 GoParrot

New York, New York, United States

GoParrot is an all-in-one digital ordering and marketing platform for restaurants. GoParrot was founded in 2017 and is based in New York.

Buy -
Mergr

Product

Company

Legal