PayU Terminates $4.7 Billion Deal For Acquisition Of Indian Payments Firm BillDesk

by PTI - Oct 3, 2022 01:43 PM +05:30 IST
PayU Terminates $4.7 Billion Deal For Acquisition Of Indian Payments Firm BillDeskPayU and BillDesk

Prosus NV, which owns PayU, has terminated a USD 4.7 billion (about Rs 38,400 crore) deal to acquire Indian payments firm BillDesk, saying certain conditions precedent were not met.

Prosus, the global investment arm of South African multinational Nasper, had on August 31 last year announced acquisition of BillDesk in an all-cash deal to expand its footprint in India's booming 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 said in a statement.

While PayU secured 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,'' it said.

(This story has been published from a wire agency feed without any modifications to the text. Only the headline has been changed.)

Get Swarajya in your inbox everyday. Subscribe here.

An Appeal...

Dear Reader,

As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.

Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.

We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.

Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.

Become A Patron
Become A Subscriber
Comments ↓
Get Swarajya in your inbox everyday. Subscribe here.

Latest Articles

    Artboard 4Created with Sketch.