Prosus, which owns PayU, had in August 2021 announced the acquisition of BillDesk in an all-cash deal.
Closing of the Prosus-BillDesk transaction was subject to fulfilment of various conditions precedent, including approval of the Competition Commission of India
Prosus NV, which owns PayU and is the global investment arm of South African multinational Nasper, on Monday said it has terminated a $4.7-billion (nearly Rs 38,400 crore) deal to acquire Indian payments firm BillDesk. The firm said certain conditions precedent were not met.
Prosus had in August 2021 announced the acquisition of BillDesk in an all-cash deal to expand its footprint in India’s fintech sector under the umbrella of its payment gateway PayU. Closing of the transaction was subject to the fulfilment of various conditions precedent, including approval of the Competition Commission of India (CCI).
Prosus in a statement said that while PayU secured the CCI approval on September 5, 2022, “certain conditions precedent were not fulfilled by September 30, 2022, long stop date and the agreement has terminated automatically in accordance with its terms and, accordingly, the proposed transaction will not be implemented.”
Prosus has been a long-term investor and operator in India, investing close to $6 billion in Indian technology companies since 2005. “Prosus remains committed to the Indian market and growing its existing businesses within the region,” it said.
Read all the Latest Business News and Breaking News here