“Closing of the transaction was subject to the fulfillment 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,” a statement from PayU said on Monday.
On September 6, India’s market watchdog Competition Commission of India (CCI) had
cleared PayU’s acquisition of BillDesk, after a year-long wait. PayU had to answer several questions from the regulator after the deal was announced in August 2021.
Prosus, which has backed the likes of Swiggy, Byju’s and Pharmeasy in India, has invested $6 billion in India’s technology startups since 2005. “Prosus remains committed to the Indian market and growing its existing businesses within the region,” it said on Monday.
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