News: APT UPDATE 1-Square to buy Australia's Afterpay in $29 bln all-stock deal

(Adds details on deal price)

Aug 2 (Reuters) - U.S. fintech company Square Inc SQ.N said on Monday it had agreed to purchase Australian buy now/pay later giant Afterpay Ltd (APT) in an all-stock deal worth about $29 billion.

Afterpay shareholders will get 0.375 shares of Square class A stock for every share they own, implying a price of about A$126.21 per share based on Square's Friday close, the companies said in a joint statement.

The offer price is a more than 30% premium to Afterpay's last close and the Australian firm's shareholders are expected to own about 18.5% of the combined company.