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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?
Editor's note: 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 and, accordingly, the proposed transaction will not be implemented.” A long stop date is the time frame agreed to by all parties in a merger, acquisition or equity purchase for the deal to be completed. The deal to acquire BillDesk by PayU, had it proceeded to fruition, would have been the second largest in India’s startup and internet sector, eclipsed only by Walmart’s $16 billion acquisition of Flipkart in 2018. More importantly, the merged entity would have been by far …
Prosus walks away from a deal that would have made it the owner of India’s largest payment gateway business. Why?
Editor's note: 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 and, accordingly, the proposed transaction will not be implemented.” A long stop date is the time frame agreed to by all parties in a merger, acquisition or equity purchase for the deal to be completed. The deal to acquire BillDesk by PayU, had it proceeded to fruition, would have been the second largest in India’s startup and internet sector, eclipsed only by Walmart’s $16 billion acquisition of Flipkart in 2018. More importantly, the merged entity would have been by far …
Parent AceVector is headed for a public market debut next week. As much as 97% of its revenue comes from two businesses. One is already a listed entity, the other a missed opportunity.
After 15 years, more than $550 million in funding and over $200 million in revenue, the cloud kitchen startup must find a way to make a profit and go public. Grover is the man Rebel has chosen for the job.
The newly announced levy on UPI payments undermines the very foundation of using digital payments for stock market investing. Brokers are in a tizzy.
Parent AceVector is headed for a public market debut next week. As much as 97% of its revenue comes from two businesses. One is already a listed entity, the other a missed opportunity.
After 15 years, more than $550 million in funding and over $200 million in revenue, the cloud kitchen startup must find a way to make a profit and go public. Grover is the man Rebel has chosen for the job.
The newly announced levy on UPI payments undermines the very foundation of using digital payments for stock market investing. Brokers are in a tizzy.
