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Prosus terminates $4.7 B BillDesk acquisition through PayU

Prosus, the international investment arm of Naspers, has abandoned its intentions to acquire BillDesk, a provider of payment gateways, for US $4.7 billion. The purchase would have been made through PayU, a subsidiary of Prosus in India.

Prosus stated in a note that the Competition Commission of India’s clearance was necessary for the deal to go through (CCI).

Although the investment company received this clearance, Prosus claimed that it fell short of “certain requirements” before the deadline of September 30. This has caused the CCI to immediately reject the purchase agreement.

The business, however, stated that it would continue to develop its operations in the area and would continue to be dedicated to the Indian market. It has put $6 billion into India’s IT sector since 2005.

In August of last year, the PayU-BillDesk partnership was revealed. A financial ecosystem capable of handling four billion transactions yearly was promised at the time by the two companies, which was four times as many transactions as PayU could manage.

PayU was established in 2002 and offers internet retailers payment services. BillDesk, meanwhile, was founded in 2000 and provides a payment infrastructure to support banks and retailers’ internet transactions.

 

 

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