Internet company Naspers has cancelled its bid to acquire Indian digital payments provider BillDesk for $4.7 billion (R85 billion).
In August 2021, PayU, the fintech business of Naspers unit Prosus, announced it had reached an agreement to acquire BillDesk.
In a statement today, Naspers says the closing of the transaction was subject to the fulfilment of various conditions precedent, including approval by the Competition Commission of India (CCI).
According to the firm, PayU secured CCI approval on 5 September 2022. However, it notes 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.
“Naspers, through its subsidiary Prosus, has been a long-term investor and operator in India – investing close to $6 billion in Indian technology companies since 2005.
“Naspers remains committed to the Indian market and growing its existing businesses within the region,” says the company.
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