Buy now and pay later?
Jack Dorsey's fintech giant Square (SQ) - Get Square, Inc. Class A Report agreed to pay $29 billion to acquire Australia's Afterpay, a buy-now, pay-later company, in an all-stock deal, marking Square's largest acquisition to date.
Square said it plans to integrate Afterpay into its existing Seller product for small businesses and its Cash App in a statement.
“Square and Afterpay have a shared purpose,” Dorsey said in a statement. “We built our business to make the financial system more fair, accessible, and inclusive, and Afterpay has built a trusted brand aligned with those principles.”
In the video above, Jim Cramer told Action Alerts PLUS senior analyst Jeff Marks that he likes Square, but said that PayPal (PYPL) - Get PayPal Holdings Inc Report is a superior company and the upward move in Square could be an opportunity to take some off the table.
As of the open of trading Square stock was up over 11% to $275.08
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PayPal is a holding in Jim Cramer's Action Alerts PLUS charitable portfolio.