homeworld NewsProsus terminates $4.7 billion deal to acquire payments firm BillDesk

Prosus terminates $4.7 billion deal to acquire payments firm BillDesk

According to Bloomberg, the takeover would’ve been Prosus’s largest acquisition to date and was meant to create a digital payments giant in India.

By Pihu Yadav  Oct 3, 2022 8:56:30 PM IST (Updated)

2 Min Read
Netherlands-headquartered Prosus NV announced on Monday that it has cancelled a $4.7 billion deal to buy Indian payments firm BillDesk through its subsidiary PayU, after conditions on the deal weren’t met. The deal had received approval by the Competition Commission of India (CCI) in September, though “certain conditions precedent” weren’t met by the deadline at the end of last month, Prosus said in a statement.
The company didn’t elaborate on the conditions. 
“Closing of the transaction was subject to the fulfilment of various conditions precedent, including approval by the CCI. PayU secured CCI approval on September 5. However, certain conditions precedent were not fulfilled by the September 30 long stop date, and the agreement has terminated automatically in accordance with its terms and, accordingly, the proposed transaction will not be implemented,” read a company blog from Prosus.