Trilegal, SAM, AZB lead on PayU acquisition of BillDesk for $4.7 billion

Global consumer internet group and technology investor Prosus Ventures (PayU) has acquired Indian payments gateway firm BillDesk for US$ 4.7 billion.

This is one of the largest acquisitions in India’s digital payments landscape and by far the biggest consolidation move in the fast-growing sector.

The deal will also give exit to investors General Atlantic, TA Associates, Temasek, Clearstone Ventures, and Visa.

Trilegal advised its long-term client Prosus Ventures (through its payments and fintech arm PayU)

The team at Trilegal was led by Yogesh Singh (Partner and Co-head, Corporate Practice Group) and was assisted by Harsh Jain (Corporate Partner) and Nisha Kaur Uberoi (National Head of the Competition Practice).

Other key partners involved in the team at the firm were Nikhil Narendran (Technology), Atul Gupta (Employment), Himanshu Sinha (Tax), Jyotsna Jayaram (Technology) and Gautam Chawla (Competition).

Other Trilegal attorneys who were part of the deal team include Sibani Saxena, Sumi Saikia, Sonam Mathur, Deepthi Rajeev and Komal Dani, (Counsel); Saurabh Arora, Principal Consultant; Ratnavel Pandian, Harshita Parmar, Mathew George, Thomas J. Vallianeth, Parvathy Tharamel and Manasa Sundarraman (Senior Associates); Monik Damania (Senior Consultant); Madhav Tampi, Aishwarya Singh, Namratha Satish, Eshita Jain, Vividha Bawa, Ishan Arora, Rahat Dhawan, Parumita Pal, Pramothesh Mukherjee, Rishi Kauntia, Samriddha Gooptu, Sarthak Pande, Simran Kathuria, Shivangi Chawla, Shreya Ramann, Samvit Ganesh, Anjana Ravi, Utkarsh Srivastava, Divya Padmanabhan, Ishani Sharma and Joseph Moses Parambi (Associates).

Shardul Amarchand Mangaldas advised Billdesk and its founders and the team was led by Raghubir Menon, Regional Practice Head – M&A and Private Equity, General Corporate, Natashaa Shroff, Partner, General Corporate, Shiladitya Banerjee, Partner, General Corporate, Tanmayee Chaulkar, Senior Associate,  Rohan Singh, Associate.

Due Diligence Team: Raghubir Menon, Regional Practice Head – M&A and Private Equity, General Corporate, Natashaa Shroff, Partner, General Corporate, Shiladitya Banerjee, Partner, General Corporate, Tanmayee Chaulkar, Senior Associate,  Pranav Sethi, Associate,  Rounak Agarwal, Associate,  Madhurika Durge, Associate, Niharika Sharma, Associate.

Tax Team: Gouri Puri, Partner,  Rahul Yadav, Principal Associate.

Competition Team: Aparna Mehra, Partner, Rahul Shukla, Senior Associate, Kshitij Sharma, Associate.

Intellectual Property: Abhay J.V., Partner, Leoni Mahanta, Principal Associate.

AZB & Partners advised the selling shareholders, by a team led by Partners Vaidhyanadhan Iyer and Vipul Jain.

After the acquisition, the combined entity of BillDesk and PayU will emerge as one of the top online payments providers — both globally and locally — with an annual total payment volume (TPV) of $147 billion.

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