PayU cancels $4.7 billion deal to buy BillDesk
A $4.7 billion deal to buy Indian payments firm BillDesk has been cancelled by Prosus NV after certain conditions precedents
By : Legal Era
Update: 2022-10-03 08:15 GMT
PayU cancels $4.7 billion deal to buy BillDesk
A $4.7 billion deal to buy Indian payments firm BillDesk has been cancelled by Prosus NV after certain conditions precedents on the deal were not met. The deal had received approval from the Competition Commission of India (CCI) last month.
On 31 August 2021, Nasper announced the agreement between PayU Payments Private Limited (PayU), a subsidiary of Prosus N.V. (Prosus), and the shareholders of the Indian digital payments provider BillDesk to acquire BillDesk for $4.7 billion.
"Closing of the transaction was subject to the fulfillment of various conditions precedent, including approval by the Competition Commission of India (CCI). PayU secured CCI approval on 5 September 2022. However, certain conditions precedent were not fulfilled by the 30 September 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 announced on October 3, 2022.
The proposed acquisition would have seen PayU, the payments and fintech business of Prosus, become one of the leading online payment providers globally by total payment volume (TPV). The deal was aiming to create a digital payments giant with a total volume of $147 billion and betting on a surge in the industry in India.