Amsterdam-listed Prosus NV, the investment arm of South Africa’s multinational Naspers, terminated the $4.7 billion acquisition of online payments gateway company BillDesk, based in Mumbai, India.
In a note published on Prosus’ website, Eoin Ryan, head of investor relations, said, “Certain conditions precedent were not fulfilled by the September 30, 2022 long stop date, causing the agreement to be terminated automatically.” He did not elaborate on what these conditions were.
The firm’s decision to pull out came barely a month after India’s antitrust regulator – Competition Commission of India — approved the contours of the deal that was first announced in September 2021.
In India, Prosus has invested close to $6 billion in tech companies since 2005, and continues to expand its businesses in the region.
