Prosus, an Amsterdam-based consumer internet group and technology investor, has scrapped the $4.7 billion acquisition of BillDesk, a Mumbai-based online payment gateway citing the non-fulfillment of ‘certain conditions’‘ September 30.
On August 31, 2021, Prosus announced that an agreement had been reached between PayU Payments Private Limited (PayU), a subsidiary of Prosus, and the shareholders of the Indian digital payments provider BillDesk to acquire BillDesk for $4.7 billion. The acquisition was believed to be the second largest M&A deal in South Asia’s consumer internet space.
PayU also secured CCI approval for the deal on September 5 this year. However, ‘certain conditions’ precedent was not fulfilled by September 30 long-stop date, and the agreement stood terminated automatically in accordance with its terms and, accordingly, the proposed transaction would not be implemented, said the Dutch firm in a statement on Monday.
Prosus has been a long-term investor and operator in India, investing close to $6 billion in various technology companies since 2005 in the country. The company remains committed to the Indian market and growing its existing businesses within the region, as per the communique.
