PayU calls off $4.7 bn acquisition of BillDesk

Prosus NV, which owns PayU, has terminated a $4.7 billion (about Rs 38,400 crore) deal to acquire Indian payments firm BillDesk, saying certain conditions precedent were not met.

Prosus, the global investment arm of South African multinational Nasper, had on August 31 last year announced acquisition of BillDesk in an all-cash deal to expand its footprint in India's booming fintech sector under the umbrella of its payment gateway PayU.

"Closing of the transaction was subject to the fulfilment of various conditions precedent, including approval of the Competition Commission of India (CCI)," Prosus said in a statement.

While PayU secured CCI approval on September 5, 2022, "certain conditions precedent were not fulfilled by 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," it said.