PayU India Payments recently received approval from the Competition Commission of India (CCI) to acquire a 100% stake in online payment gateway provider indiaideas.com (BillDesk). In August last year, Prosus NV-backed PayU announced the acquisition of digital payments provider BillDesk for $4.7 billion (approximately Rs 344 billion). This has become one of the biggest deals in India’s online consumer space after it was approved by the CCI.
On Monday, CCI has approved PayU India’s 100% acquisition of online payment gateway provider BillDesk. Under the agreement, PayU India acquired BillDesk for $4.7 billion. The CCI announced the approval via a tweet on Monday.
Shares in PayU India are indirectly held by Prosus NV, while BillDesk works under India Ideas Ltd (IIL), providing payment aggregation services.
PayU, backed by Prosus NV, first announced a deal to acquire a 100% stake in BillDesk in August 2021. However, as the transaction exceeds a certain threshold, it needs to be approved by the CCI.
CCI examines the market for anti-competitive behavior and has the power to approve or reject mergers and acquisitions in accordance with fair market policies.
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