Prosus announced plans to buy BillDesk in August 2021, saying it would complement its PayU business and strengthen its presence in India.
By Reuters | Updated: 3 October 2022 12:47 IST
Technology investor Prosus NV has “terminated” a $4.7 billion deal to buy payments platform BillDesk, it said on Monday, adding that conditions had not been met.
Prosus announced plans to buy BillDesk in August 2021, saying it would complement its PayU business and strengthen its presence in India, one of Prosus’s largest markets.
In a detailed statement, Prosus mentioned that the transaction deal was subject to the fulfilment of various conditions precedent, which also included approval by the Competition Commission of India (CCI). “However, certain conditions precedent were not fulfilled by the 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.”
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