CCI approves PayU's acquisition of BillDesk

6 Sep 2022 , 08:22 AM

Competition Commission of India (CCI) has approved PayU’s $4.7 billion acquisition of online payments company BillDesk. The acquisition was officially announced in August 2021, but PayU, which is owned by Prosus, has had to wait a year to respond to the regulator’s inquiries.

According to news reports, the deal–which is anticipated to be the second-largest acquisition in the Indian internet sector after Walmart’s $16 billion purchase of e-commerce giant Flipkart in 2018–will involve the merger of the payments gateway businesses of two of the largest players in the nation, and getting CCI approval is crucial.

According to ET, PayU filed a new merger notification in April of this year after CCI declared its initial submission illegal for lacking sufficient details. The proposed acquisition “would not produce any noticeable adverse effect on competition in any of the above key markets or their constituent segments,” PayU had stated in its updated request for approval of the agreement.

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