PayU has canceled the acquisition deal with BillDesk. PayU owner Prosus NV has canceled a $4.7 billion deal to acquire Indian payments company BillDesk, saying certain conditions were not met.
The move by Prosus, the global investment arm of South African multinational company Nasper, has hit BillDesk’s proliferation in the Indian fintech market. On August 31 last year, payment gateway PayU had announced the acquisition of BillDesk in a cash deal to expand its business in India’s fast-growing fintech space.
Prosus said in a statement that the transaction was subject to various conditions, including approval from the Competition Commission of India. PayU secured CCI approval on September 5, 2022, but did not meet certain conditions by the deadline of September 30, 2022. This means that the deal is not completed and as a result the agreement is automatically terminated according to its terms.
