Naspers Ltd. said Monday that a $4.7 billion agreement to acquire Billdesk through its Prosus NV subsidiary has been terminated automatically, as certain conditions weren’t fulfilled by the long stop date.
The South African investor said on Aug. 31, 2021 it had agreed to buy Indian digital payments provider BillDesk through Prosus NV’s subsidiary PayU Payments Private Ltd.
The closing of the transaction was subject to various conditions, including approval by the Competition Commission of India. PayU had secured CCI approval on Sept. 5, 2022, but certain conditions hadn’t been fulfilled by the Sept. 30 long stop date.
Naspers said it remains committed to the Indian market and growing its existing businesses in the region.