CCI approves the acquisition of BillDesk by PayU Payment

The Competition Commission of India (CCI) approved the acquisition of 100 percent equity of Indiaideas.com (Billdesk) by PayU Payments. The proposed combination relates to the acquisition of 100 percent of the equity share capital of India Ideas Ltd (IIL) by PayU India. Prosus NV-backed PayU announced in August 2021, that it will buy digital payments provider Billdesk for USD 4.7 billion.

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About the deal:

• It will make it one of the biggest deals in the Indian consumer internet space. The proposed combination pertains to the acquisition of an additional 10 percent stake in Apraava by CDPQ from CPL CPEC Holding Limited.
• The CDPQ and CPL announced in July that they have reached an agreement for the sale of a 10 percent stake in Apraava Energy to CDPQ, making their respective stakes 50 percent in the company.

Notably:

• PayU India provides payment aggregation services
• CPDQ Infrastructure Asia II is a wholly owned subsidiary of CDPQ a global investor.
• Apraava Energy is foreign investment in the Indian power sector with the investment spread across renewable and non-renewable energy.