(Bloomberg) -- Prosus NV has canceled a $4.7 billion deal to buy Indian payments firm BillDesk after conditions on the deal weren't met.
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The deal had received approval by the Competition Commission of India in September, though "certain conditions precedent" weren't met by the deadline at the end of last month, Prosus said in a statement on Monday. The company didn't elaborate on the conditions.
Read More: Prosus Strikes Deal to Buy India's BillDesk for $4.7 Billion
The takeover would've been Prosus's largest acquisition to date and was meant to create a digital payments giant in India. Since the deal was announced last year, the market for payments companies in India has weakened, and Prosus didn't want to proceed after BillDesk missed the deadline, a person familiar with the matter said.
There's no break fee associated with the deal. Representatives for BillDesk didn't immediately respond to a request for comment.
BillDesk, founded by three consultants from Arthur Andersen LLP more than two decades ago, benefited from a surge in growth in digital payments as Indians adopted smartphones and Internet access became ubiquitous. The founders stood to collect $500 million each from the deal, Bloomberg News reported when it was announced.
Read More: Indian Trio Reap $500 Million Each Selling Payments Startup
Prosus, a Dutch e-commerce company, has been selling off stakes in its holdings in Chinese Internet giants Tencent Holdings Ltd. and JD.com Inc. to fund a share buyback. The company said its full-year operating loss narrowed to $859 million in the year through March from more than $1 billion, though core headline earnings per shares for the period -- Prosus's preferred measure of analyzing its finances -- declined.
Prosus shares fell 0.4% at 9:13 a.m. in Amsterdam trading on Monday. The stock has declined about 27% this year.
(Updates with additional details throughout)
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