Prosus announces termination of agreement to acquire BillDesk
Global consumer internet group Prosus announces the termination of the agreement to acquire BillDesk.
On 31 August 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 US$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 5 September 2022. 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 has been a long-term investor and operator in India – investing close to US$6 billion in Indian technology companies since 2005. Prosus says it remains committed to the Indian market and growing its existing businesses within the region.