Prosus, a Netherlands-based technology investor, announced that its $4.7 billion bid to acquire Indian payments platform BillDesk has been cancelled due to unfulfilled requirements.
Prosus stated that the acquisition’s requirements were not met by a September 30 deadline. The agreement has been ended automatically per its provisions.
BillDesk could not be reached for comment right away. A Prosus spokeswoman stated that there was no break charge involved with the transaction but declined to further elaborate on the reasons for the termination.
Prosus wanted to acquire BillDesk to supplement its PayU subsidiary and increase its foothold in India, one of Prosus’s main countries of operation. Fintech valuations have plummeted dramatically since Prosus announced the takeover plans in August 2021.
According to the figures disclosed at the time of the deal’s announcement, BillDesk handled $92 billion in payments in the fiscal year ended March 31, 2021, with a net profit of 2.71 billion Indian rupees ($37.05 million).
In its own words, Prosus is a multinational consumer internet company and one of the world’s leading technology investors. The company invests in consumer internet firms that enable users and improve communities.
The organization focuses on developing relevant companies in sectors such as online advertising, takeout delivery, fintech and edutech. The company says it’s always looking for new ways to collaborate with entrepreneurs leveraging technology to enhance people’s lives.
Prosus is listed on Euronext Amsterdam, the Johannesburg Stock Exchange and a2X Markets. The majority of the organization is owned by Naspers Limited.