Square shares tumble after announcement of $29B deal to buy Afterpay

Shares of the financial services company Square tumbled almost 5 percent in premarket trading Monday after it announced a $29 billion deal to acquire “buy now, pay later” firm Afterpay.

Square, which is helmed by Twitter boss Jack Dorsey, announced the all-stock deal on Sunday evening. Shares of Melbourne-based Afterpay, which is listed on the Australian Securities Exchange in Sydney, soared almost 20 percent on the news.