South African major Naspers’ investment arm Prosus has called off the deal to acquire BillDesk.
Last year it was announced that an agreement had been reached between PayU Payments Private Ltd , a subsidiary of Prosus N.V., and shareholders of the Indian digital payments provider 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 (CCI). PayU secured CCI approval on September 5, 2022. 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.
Naspers, through its subsidiary Prosus, has been a long-term investor and operator in India – investing close to $6 billion in Indian technology companies since 2005. It remains committed to the Indian market and growing its existing businesses within the region, the company said in a press statement.