Deal: Square, Inc and Afterpay have entered into a scheme implementation deed under which Square has agreed to acquire all of the issued shares in Afterpay by way of all scrip scheme of arrangement.

Value: $39 billion.

Area: M&A.

Key players: The Gilbert + Tobin team was led by partners Peter Cook and Rachael Bassil, with assistance from lawyers Olivia Blakiston, Elizabeth Cameron and Clancy Bradshaw.

Competition and regulatory partner Charles Coorey, consultant Zoe Hodgins and lawyer Robert Albertson Kill advised on competition and regulatory aspects of the transaction.

Deal significance: Square, Inc is a NYSE-listed company that operates in the payments space, while Afterpay is a well-known “buy now, pay later” platform.

As per a statement from Gilbert + Tobin, Square, Inc’s acquisition of Afterpay will accelerate its strategic priorities for its Seller and Cash App ecosystems.

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“We are so appreciative to have played a role in bringing together two dynamic, innovative, founder-led companies,” co-lead partner Mr Cook said.

“Afterpay’s story is an incredible one, and this transaction represents important global recognition for the Australian technology sector. It is an endorsement of Ant and Nick’s vision that has reshaped the consumer finance sector.”

Co-lead partner Ms Bassil added: “It was a pleasure to have advised Afterpay on this transformational transaction, representing the largest public M&A transaction in the Australian market. It’s been a privilege to work with the world class management team at Afterpay.”