BENGALURU: Largest technology investor and global consumer internet group Prosus has called off the acquisition deal of BillDesk that it announced last year.
Last year, Prosus said 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. BillDesk is one of the leading payment businesses in India.
“However, certain conditions precedent were not fulfilled by the 30 September 2022 long stop date, and the agreement has terminated automatically in accordance with its terms and, accordingly, the proposed transaction will not be implemented,” Prosus said. The deal had received approval by the Competition Commission of India (CCI) last month.
Netherlands-based Prosus has been a long-term investor and operator in India. Since 2005, it has so far invested close to $6 billion in Indian technology firms. Prosus said it is committed to the Indian market and growing its existing businesses within the region. Many customers use the products and services of companies that Prosus has invested in, acquired or built, including 99minutos, BYJU’S, LazyPay, letgo, Luno, Mensa Brands, Meesho, OLX, Pharmeasy and Swiggy, among others.