Prosus-backed PayU failed to acquire BillDesk for $4.7bn.

Prosus-backed PayU, a fintech company that provides payment technology to online merchants, failed to acquire BillDesk, the provider of digital payments, for $4.7bn. Closing of the transaction was subject to the fulfilment of various conditions precedent, including approval by the Competition Commission of India. PayU secured CCI approval on September 5, 2022. However, certain conditions precedent were not fulfilled by the September 30, 2022 long stop date, and the agreement has terminated automatically in accordance with its terms and, accordingly, the proposed transaction will not be implemented. On October 3, 2022, BillDesk and PayU agree to terminate the $4.7bn deal.