Prosus, the owner of payments gateway provider PayU, has terminated an agreement to acquire Mumbai-based payments firm BillDesk citing conditions of the deal not being met.
The Dutch payments major said "certain conditions precedent were not fulfilled" by the Sept. 30 long stop date and hence the agreement has terminated automatically, according to a statement.
Prosus said it remains committed to the Indian market and growing its existing businesses within the region.
The $4.7-billion, or Rs 35,250-crore , deal was officially announced in August 2021 and also received the Competition Commission of India's approval on Sept. 5.
"PayU India and BillDesk run complementary businesses within India's digital payment industry. Together, the two expect to create a financial ecosystem handling four billion transactions annually—four times PayU's current level in India," Billdesk co-founder Srinivasu was quoted saying last year.
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