A team of more than 40 lawyers from Trilegal advised Euronext Amsterdam-listed Prosus when it agreed to a INR345 billion (USD4.7 billion) acquisition, via its fintech subsidiary PayU, of digital payments provider IdeasIndia.com, which operates as BillDesk.
While Shardul Amarchand Mangaldas & Co (SAM) advised BillDesk and its founders, AZB & Partners advised the selling shareholders, General Atlantic, Clearstone Group, Temasek, TA Associates, Visa and other investors.
The deal, which was announced on 31 August, is subject to approval from the Competition Commission of India.
Trilegal’s 42-member team was led by partners Yogesh Singh and Harsh Jain, and included partners Nisha Kaur Uberoi and Gautam Chawla (competition), Nikhil Narendran and Jyotsna Jayaram (technology), Atul Gupta (employment), and Himanshu Sinha (tax).
AZB & Partners’ team comprised partner Vaidhyanadhan Iyer and senior associate Anshuman Bharadwaj, partners Ashwath Rau, Vipul Jain and Aditya Singh Chandel, and senior associate Tanya Pahwa.
Announcing the deal, Prosus Ventures, which is a subsidiary of tech investor Naspers, said the acquisition would see PayU India and BillDesk, which run complementary businesses within India’s digital payment industry, together create a financial ecosystem that would handle four billion transactions annually, which is four times PayU’s current level in India.