Latham advises Block on the regulatory aspects of acquisition of Clearpay

Latham & Watkins has advised digital financial services company Block on the financial regulatory law aspects of its acquisition of Clearpay

Latham & Watkins has advised digital financial services company Block, formerly known as Square and founded by Jack Dorsey, also co-founder and ex-CEO of Twitter, on the financial regulatory law aspects of its acquisition of Clearpay: the Spanish subsidiary of the Australian-founded, stock market-listed deferred payment platform Afterpay, listed on the Australian Stock Exchange (ASX).

The advice to obtain regulatory clearance from the Bank of Spain for the indirect acquisition of 100% of Clearpay is part of Block’s purchase of Afterpay, a transaction valued at $29 billion dollars.

Clearpay is a payment institution supervised by the Bank of Spain that allows you to pay in four instalments for purchases made in a wide range of purchases made in a wide range of online shops in four instalments at no additional cost.

The team from the Madrid office of Latham & Watkins was led by Ignacio Gómez-Sancha (pictured), managing partner, José María Alonso, Public Law counsel, and associates Rafael Martínez-Echevarría and Marta Portuondo.