Bank of Spain stamps Block’s $29 billion Afterpay buyout

The Bank of Spain has approved a $29 billion buyout bid by Block Inc, formerly Square Inc, for Australian buy now, pay later firm Afterpay Ltd.

The Bank of Spain made the deal fully unconditional, and the companies can now implement the deal.

Afterpay said the deal is likely to close on Feb. 1.

Afterpay’s shareholders had in December overwhelmingly voted in support of the deal – 99.79% of the proxy votes were cast in favor.

Reuters reports that trading in Afterpay shares will be suspended on the Australian stock exchange on Jan. 19.