New Delhi: Prosus NV, which owns PayU, has terminated a $4.7 billion (about Rs 38,400 crore) deal to acquire Indian payments firm BillDesk after conditions on the deal weren't met.
In a statement, Prosus said certain conditions precedent weren't met by the deadline at the end of September.
Approval of the Competition Commission of India (CCI), which was one of the conditions precedent, was received on September 5 but Prosus did not specify which other conditions were not met.
A condition precedent is a stipulation that defines certain conditions that must either occur or be met by either party to ensure progress or execution of a contract.
The amalgamation of BillDesk with PayU of Prosus would have created a digital payments giant with an annual total payment volume (TPV) of $147 billion.
Its closest rivals in India such as Razorpay and CCAvenue, which is owned by Infibeam, are estimated to have an annual TPV of over $50 billion and $18-20 billion, respectively. This would have been the largest acquisition of Prosus, a Dutch e-commerce firm.