‘Unfulfilled conditions’: Prosus axes $4.7-bn BillDesk takeover

Dutch consumer internet conglomerate Prosus NV, the parent of fintech company PayU India, said Monday it has terminated the agreement to acquire Mumbai-based payment aggregator BillDesk. The $4.7-billion deal, announced last August, would have become the biggest fintech M&A deal in India if it had gone through, and proposed to merge BillDesk with PayU India.

Notably, the companies had received the CCI’s nod only last month. However, certain approvals, including that of the RBI, were still pending.

“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.