Naspers terminates $4.7 billion deal to acquire BillDesk
Prosus, a Naspers-owned technology investor, has canceled its purchase agreement with BillDesk, an Indian payments platform. A deal to buy Indian digital payments company BillDesk for $4.7 billion was announced by PayU Payments Private Limited (PayU), a Prosus N.V. (Prosus) subsidiary, and BillDesk’s shareholders on August 31, 2021, according to Naspers.
The fulfillment of certain prerequisite requirements, including permission by the Competition Commission of India, was necessary for the transaction to close (CCI). The CCI granted PayU permission on September 5, 2022. The agreement has, however, automatically ended in accordance with its terms because some prerequisite requirements were not satisfied by the lengthy stop date of September 30, 2022, and the anticipated transaction will not take place as a result.
Since 2005, Naspers has invested about US$6 billion in Indian technology companies through its subsidiary Prosus, making it a long-term operator and investor in India. Naspers is still dedicated to the Indian market and expanding its current operations there.
“BillDesk shareholders are shocked. This was very last minute. A multinational corporation (MNC) has signed a binding contract in India and is walking away,” said a person directly aware of the development r on condition of anonymity. “We will explore what needs to be done contractually and legally against Prosus.”
Naspers, which was founded in 1915, has evolved into a major technology investor and a global provider of consumer internet services. Through Naspers Foundry, Naspers is committed to boosting South Africa’s domestic tech industry. This R1.4 billion investment vehicle makes investments in startup technology firms that aim to meet important societal needs.
Through Prosus, the firm engages in operations and investments across the globe in markets with long-term growth potential, creating market-dominating consumer internet businesses that empower individuals and strengthen communities. Naspers owns a controlling stake in Prosus, which has its primary listing on Euronext Amsterdam and a secondary listing on the Johannesburg Stock Exchange.
Naspers is one of the top technology investors in South Africa and is dedicated to developing its internet and ecommerce businesses there. Takealot, Mr. D. Food, Superbalist, Autotrader, Property24, PayU, and Media24, South Africa’s top print and digital media company, are a few of these.
In addition to having a level 1 American Depository Receipt (ADR) program that trades over-the-counter in the US, Naspers has primary listings on the Johannesburg Stock Exchange (NPN.SJ) and the A2X Exchange (NPN.AJ) in South Africa.