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September 5 2022

CCI Finalizes PayU’s $4.7billion BillDesk Acquisition

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The Competition Commission of India (CCI) has processed the final stages of online payments provider PayU’s acquisition of the payment gateway BillDesk.

The deal is the largest acquisition in India’s digital payment industry, and will provide exits to investors from General Atlantic, TA Associates, Temasek, Clearstone Ventures and Visa.

The Finalization has arrived after a year-long wait, under which Prosus-Owned PayU had to respond to inquiries from the regulator following the announcement of the acquisition in August of 2021.

CCI had requested additional information on the deal and its implications from PayU last February and sent PayU a show cause notice last month as it analyzed the acquisition.

PayU’s parent company Prosus, stated in a filing that approximately $256.9 million in net assets have been acquired as part of the acquisition and that the profit after tax was approximately $36.8 million

The deal between PayU and Billdesk will cause the merger of the payments gateway business of 2 of India’s Largest Payment Players. This acquisition is the 2nd largest in Indian Internet history, narrowly edged out by Walmarts $16 billion acquisition of Flipkart in 2018.

The last major merger & acquisition in Indian Payments was in 2015, when Snapdeal acquired Freecharge for $400 million.

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