Prosus NV has canceled a R85 billion deal to buy Indian payments firm BillDesk after conditions on the deal weren’t met.
The deal had received approval by the Competition Commission of India in September, though “certain conditions precedent” weren’t met by the deadline at the end of last month, Prosus said in a statement on Monday. Prosus’s PayU unit had reached the deal about a year ago, aiming to create a digital payments giant with a total volume of $147 billion and betting on a surge in the industry in India. It would’ve been the company’s biggest acquisition to date.
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