It’s official! PayU, a subsidiary of Prosus is now out of the $4.7 billion deal to acquire BillDesk, an Indian digital payments provider.

According to official sources, in September this year, the Competition Commission of India gave the go-ahead signal to finalise the deal. However, PayU has confirmed that certain conditions in the agreement remained unfilled until the long stop date (September 2022). Hence the agreement now stands automatically terminated.

In August this year, when talks were on for the acquisition, Prosus was excited and confident that this deal would benefit both parties. It was expected to increase the combined company’s transactions to $4 billion a year, which is four times PayU’s current transaction levels in India.

Even though the deal is terminated, Prosus still has an eye on the Indian market. It has invested about $6 billion in Indian tech companies since 2005.

Visit World Fintech News for the latest information and analysis on the financial sector and the fintech industry.