Prosus Ventures and its subsidiary payment giant PayU canceled the merger $4.7 billion Bill Desk they announced last year, saying "certain conditions precedent" were not met by the deadline in a surprising development a month after the proposed acquisition received approval from the local antitrust authority.
"Certain conditions precedent were not met by the extended deadline of September 30, 2022, and the agreement was automatically terminated in accordance with its terms and, accordingly, the proposed transaction will not be implemented"Said prosus in a statement without identifying what the conditions were.
The acquisition, announced at the peak of last year's bull cycle, was supposed to be the Second largest M&A deal in South Asian market consumer internet space. In recent quarters, as the market has changed, many promised deals have collapsed. prosus it has also lost a considerable amount of value in the past year.
Bill Desk, which counts Visa, Temasek, General Atlantic and several Indian banks among its sponsors, has raised $245 million to date. It was valued at $1.59 billion after the January 2019 funding round, according to research firm Tracxn.
![Pinterest](https://pinterest.com/pin/create/button/?url=https://www.trplane.com/prosus-cancela-el-acuerdo-de-adquisicion-de-billdesk-por-4-7-mil-millones/&media=https://www.trplane.com/wp-content/uploads/pexels-john-guccione-wwwadvergroupcom-3483098-scaled.jpg&description=Prosus Ventures y su gigante de pagos subsidiarios PayU cancelaron la fusión de $4.7 mil millones de BillDesk que anunciaron el año pasado, diciendo que "ciertas condiciones precedentes" no se cumplieron antes de la fecha límite en un desarrollo sorprendente un mes después de que la adquisición propuesta recibiera la aprobación de la autoridad antimonopolio local.){kind=link}