Prosus Reveals Termination Of $4.7 Bln Deal To Buy India's BillDesk

Prosus N.V., a Dutch consumer internet group, Monday announced that its agreement to acquire Indian digital payments provider BillDesk has been terminated automatically.

It was on August 31, 2021 that Prosus announced its agreement between its unit PayU Payments Private Limited and the shareholders of BillDesk to acquire BillDesk for $4.7 billion.

Closing of the transaction was subject to the fulfilment of various conditions precedent, including approval by the Competition Commission of India or CCI.

The company noted that PayU secured CCI approval on September 5, 2022, but certain conditions precedent were not fulfilled by the September 30 long stop date, resulting in the automatic termination of the deal.

The company now said the proposed transaction will not be implemented.

Prosus noted that it has been a long-term investor and operator in India, investing close to US$6 billion in Indian technology companies since 2005.

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