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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
Prosus walks away from a deal that would have made it the owner of India’s largest payment gateway business. Why?
Prosus, the parent company of PayU India, has walked away from its $4.7 billion commitment to acquire BillDesk a little over a year after first announcing the deal. The Amsterdam-headquartered investment group said in a stock exchange filing on Monday that “certain conditions” were not met before the time frame agreed upon to consummate the deal with the Indian payment gateway.
An excerpt from the filing:
“PayU secured CCI approval on 5 September 2022. However, certain conditions precedent were not fulfilled by the 30 September 2022 long stop date, and the agreement has terminated automatically in accordance with its terms …
The UAE is looking at its first public listing of the year while Egypt just delivered a big one; OpenAI’s bugging accused has ties to Saudi Arabia; and other updates from the week.
The instant house help business has become the centre of focus and investment at the home services company. But another fight may be brewing in its core business.
The acquisition of IDBI Bank puts his Fairfax smack dab in the middle of the RBI’s rules on bank ownership. It must now decide whether to sell CSB Bank or merge the two lenders, neither of which will be easy.
