PROSF - Prosus terminates $4.7 billion deal to buy Indian payment aggregator BillDesk
- Netherlands-headquartered Prosus ( OTCPK:PROSF ) which owns PayU, has terminated a $4.7B deal to acquire Indian payments firm BillDesk, saying certain conditions precedent were not met.
- Prosus, the global investment arm of South African multinational Nasper, had on August 31 last year announced acquisition of BillDesk in an all-cash deal to expand its footprint in India's booming fintech sector under the umbrella of its payment gateway PayU.
- The termination of the deal after a year presents a challenge for BillDesk to give an exit to its investors, while slows PayU's growth plans in the Indian payments space.
- According to PayU, the two entities combined were expected to process Total Payment Values of $147B as per numbers for the financial year 2020-21.
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Prosus terminates $4.7 billion deal to buy Indian payment aggregator BillDesk