Private Equity

PE Fund Investments

Undone: PayU calls off $4.7 B deal to buy Billdesk

Company Announcement  

PayU, the Indian unit of South Africa-headquartered Prosus-Naspers group, has called off its USD 4.7 Billion acquisition of Mumbai-based digital payments provider BillDesk. While the Competition Commission of India (CCI) had provided approval for the deal - originally announced in August 2021 - on September 5, 2022, Prosus said the deal had lapsed owing to "certain conditions precedent" having not been fulfilled by the September 30, 2022 long stop date.

From the Venture Intelligence PE-VC Deal Database: The transaction with PayU would have provided a healthy exit to BillDesk’s PE investors including TA Associates, General Atlantic, March Capital, Clearstone Ventures and Temasek