The $29 Billion Deal That Could Change the Way We Bank

CNBC's "Fast Money"

CNBC

Business, Investing, News

4.3 • 1.2K Ratings

🗓️ 2 August 2021

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Square shares surging more than 10% after announcing a deal to buy Australian fintech firm Afterpay. But the real question is what the deal means for big banks as they face growing competition from the financial upstarts. Plus Fundstrat’s Tom Lee joins us with a bullish forecast for August. Why he says a rising tide might just lift all sectors.

Transcript

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0:00.0	Live in the Nasak market site overlooking New York City's Times Square, this is Bass
0:05.4	Money.
0:06.4	I'm Melissa Lee.
0:07.4	Tonight's straighter lineup.
0:08.4	Tim Seymour, Karen Feinerman, Brian Kelly, and Jeff Mills, tonight on bass, 4,500.
0:12.6	That's where Tom Lee sees the S&P 500 heading by the end of the month.
0:16.6	What he says will get us there and the traits that will lead the way.
0:19.2	Plus, for tracking the moves and take-to interactive and Simon Property Group after their earnings
0:23.5	reports, those calls are underway, we're bringing you all the headlines.
0:27.0	Turned on, the semi-stock that brought the S&H chip ETF to brand new highs today will
0:31.8	give you the name later in the show.
0:33.1	We start off with the $29 billion Fintech deal that sent shares of Square surging today.
0:38.2	Kate Rooney's got all the details.
0:39.7	Hi, Kate.
0:40.7	Hey, Melissa, shares of Square closing more than 10% higher today on the back of news
0:45.5	that it is buying after pay.
0:47.6	That's the Australian Fintech that offers installment loans.
0:50.8	This is a $29 billion deal.
0:53.3	And all stock, the price tag was about a 30% premium to where after pay closed in Australia
0:58.5	on Friday.
0:59.5	And the deal is expected to close in the first quarter of 2022, Square also reported
1:04.7	second quarter results earlier than expected as a part of this announcement.
	...

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