Trilegal acted as the sole advisor to Prosus and PayU India in securing an unconditional approval from the Competition Commission of India (CCI) pertaining to the proposed acquisition of IndiaIdeas.com Limited (BillDesk). This was an acquirer only filing made by PayU India with Trilegal acting as the sole counsel for PayU.
This is the largest acquisition in the digital payments space in India – and the combined entity will be India’s largest digital payments entity and among the top 10 online payments provider globally.
The CCI issued a show-cause notice with their prima facie competition concerns and sought an explanation as to why a detailed investigation in Phase II should not be undertaken. The Trilegal team advanced legal and economic arguments and successfully convinced the CCI to approve the transaction in Phase I without any remedies.
Trilegal had instructed Senior Advocate Dr. Aditya Sondhi for the hearing before the CCI on the response to show-cause notice.
This is the first and only instance of the CCI clearing the transaction unconditionally (i.e. without any remedies) after issuing a show-cause notice.
The Trilegal competition team representing Prosus and PayU was led by Nisha Kaur Uberoi, Partner & National Head – Competition Law, and assisted by Gautam Chawla, Partner; Harshita Parmar, Mathew George and Rahat Dhawan, Senior Associates;, Shivangi Chawla, Aditi Khemani, Samriddha Gooptu, Pramothesh Mukherjee, Ishan Arora, Rishi Kauntia, Madhav Kapoor, Akanksha Mathur and Varunavi Bangia, Associates.
EconOne was the economist appointed by PayU India.
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